How would you define the success of BMO Financial Group's BMO Harris Smart Advantage Account?

Introduction

Defining the success of BMO Financial Group's BMO Harris Smart Advantage Account requires a comprehensive approach that considers multiple stakeholders and metrics. To address this product success metrics challenge effectively, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

The BMO Harris Smart Advantage Account is a checking account offered by BMO Financial Group, designed to provide customers with a modern, fee-free banking experience. Key features include:

• No monthly maintenance fee
• No minimum balance requirement
• Free ATM access at BMO Harris and Allpoint network ATMs
• Mobile and online banking capabilities
• Mobile check deposit

Key stakeholders include:

1. Customers: Seeking convenient, low-cost banking solutions
2. BMO Financial Group: Aiming to attract new customers and increase deposits
3. Regulators: Ensuring compliance with banking regulations
4. Competitors: Other banks offering similar products

User flow:

1. Account opening: Customers can open an account online or in-branch, providing necessary identification and initial deposit.
2. Account usage: Users can deposit funds, make withdrawals, pay bills, and manage their account through various channels (mobile, online, in-person).
3. Account management: Customers can view transactions, set up alerts, and access additional services like overdraft protection.

This product fits into BMO's broader strategy of digital transformation and customer acquisition, particularly targeting younger, tech-savvy consumers who prefer fee-free banking options.

Compared to competitors like Chase's Total Checking or Bank of America's Advantage Plus Banking, the BMO Harris Smart Advantage Account stands out for its lack of monthly fees and minimum balance requirements.

Product Lifecycle Stage: Growth - The product is established but still has room for expansion in terms of user base and feature set.