Two Chicago fintech startups, Genivity and SpringFour, have secured big partnerships with BMO Harris Bank.
Both of the startups, which were finalists in the bank’s first annual fintech competition at tech incubator 1871, will be able to offer their services to a specific subset of BMO’s customers, the companies announced Tuesday.
Genivity, founded in 2016, is an artificial intelligence software platform that assists financial advisors in helping their clients plan health and elder care cost planning. The platform uses proprietary algorithms to project out-of-pocket medical and assisted living costs based on hereditary factors, lifestyle habits and health risks.
The startup will pilot their software with BMO’s wealth management business in Chicago suburbs Hindsdale and Barrington, and Florida’s Sarasota and Naples markets. The decision to incorporate new tech into its offerings is what BMO says is one of the ways it improves its customer experience.
"Healthcare cost in retirement is a top concern for many of our clients, and with Genivity's platform, our team of advisors will not only be able to better prepare our clients in this area, but also manage the risks that come with planning for unforeseen circumstances," said Darrel Hackett, president of BMO’s Wealth Management division, in a statement. "We value this new partnership and are excited to pilot the benefits with a segment of our clients."
SpringFour, founded in 2005, operates a financial wellness platform that helps improve payment performance and reduce delinquencies by connecting users with local nonprofit resources. As part of its deal with BMO, the bank’s customers will have access to SpringFour’s resources through BMO’s website.
"We are excited to take a step forward in enhancing the level of financial support we offer our customers by leveraging SpringFour's resources," said Ernie Johannson, the head of U.S. personal and business banking at BMO, in a statement. "We are committed to aiding customers in their journey to achieve and sustain financial stability."
