Toronto-based Bank of Montreal (BMO) plans to aggressively grow the share of its clients that are served through digital channels is credit positive for the bank, says a report published Friday from New York-based Moody’s Investors Service.

Last week, the bank set out aspirational targets for digital sales and engagement. Among other things, BMO aims to expand the proportion of clients that it engages with through digital channels to 70% by 2021 from 54%, and to double the share of sales that are digital to 50% by 2021 from 25% currently.

“The targets are credit positive for BMO because it shows that the bank is committed to significant financial technology (fintech) initiatives that can improve operating efficiency and fend off new competition,” Mood’ says in the report. “BMO’s digital strategy is intended to accelerate growth, engagement and self-service among its Canadian retail client base.”

Increasing digital engagement “improves operational efficiency by reducing the cost per transaction and it delivers measurable customer growth and loyalty benefits,” the report says, noting that BMO estimates that its digital clients “have a 40% lower attrition rate, 6% higher revenue growth and 30% fewer assisted-service transactions.”