You may have heard BMO Harris Bank recently eliminated all of its brick and mortar loan officers. BMO lenders, who once worked out of individual branches, now work out of a call center. Now all customer interactions with a loan officer take place online or over the phone. The face-to-face meeting has been eliminated at BMO.
BMO adopted this new customer service model because it costs less than the old model. It's also a response to evolving consumer preferences, which place a premium on speed and efficiency. Will BMO have a thriving mortgage business 5 years from now? We'll be watching to see how their new approach to service plays out.
Our thoughts on face-to-face meetings
We understand why companies like BMO are eliminating the…