The Bank of Montreal has launched a service that allows people to set up accounts using their smartphones, the latest sign that Canada's banking industry is trying to appeal to a mobile-first mindset.

The bank says the initiative is the first of its kind from a major Canadian lender and will allow potential clients to search, select and open a new account on their phones.

The company says the service eliminates having to go to a branch or download an app to set up an account.

The announcement comes as the bank and its competitors have been cutting costs through layoffs and attempting to court new business through digital avenues.

Founded in 1817, the bank employs more than 45,000 people and has more than 12 million customers around the world.