This story was updated July 28 at 2:00PM
FCB has been named the lead agency for BMO across North America.
The agency replaces Y&R, which had held the account since late 2013. Prior to that, the bank had a 10-year AOR relationship with Cossette. Despite previous reports that FCB has been named AOR, BMO CMO Connie Stefankiewicz said the agency will lead its branding work as what it calls an “agency of collaboration.”
FCB will work alongside a group of agencies that already includes KBS (wealth and management division) and Mosaic (experiential, branded content). Ahead of the agency review this spring, BMO also awarded KBS its “personal and commercial” business in Canada.
The brand will also continue to work with a number of smaller digital agencies on special assignments.
“The agency of collaboration model gives us the opportunity to leverage the creative strengths of a vast range of individuals, depending on the needs that we have,” said Stefankiewicz, who was appointed CMO in June, while the review was underway.
Though the account will reside with FCB Toronto, the agency will collaborate with its offices in Montreal and Chicago. The agency won the account following an RFP during which BMO was in talks with more than 10 agencies and ultimately invited a handful to pitch for the account.
On the account win, a rep for FCB told Marketing, “We’re thrilled about the opportunity to partner with BMO on the important brand work they are executing across North America.”
Y&R’s Toronto office folded into Taxi earlier this month. The account was under review prior to the change at Y&R.
FCB will continue the brand refresh Y&R started late last year when it introduced consumers to the bank brand’s most recent tagline: “We’re here to help” and new creative with a heavy focus on financial guidance and customer service.
While brand strategy remained the same as previous campaigns, the new tagline and ads were an effort to refine its brand promise and also appeal to consumers across North America. BMO (operating in the U.S. as BMO Harris Bank) serves more than two million U.S. customers with 600 branches across eight states.
Upcoming work from FCB is expected to have a similar feel to what Y&R, KBS and Mosaic have been producing for the brand. Stefankiewicz said BMO wants to humanize its approach. “Money is personal, but banking is very impersonal. We’re bringing the human touch to banking,” she explained.
“We’re treating this very personally for our customers, and the brand positioning is really designed to help show consumers that we’re different; that we understand life is changing, and that their journey is personal – and their banking and finance experience needs to be as well.”
The first BMO creative from FCB is expected to launch this fall.
