August 25,2022 at 9:00 AM Eastern
During period of economic uncertainty, consumer, wealth management and business clients leverage digital platforms in record numbers
Leer en español
Bank of America clients are increasingly relying on the company’s award-winning digital solutions to manage their finances. Clients logged into the company’s digital platforms nearly 1 billion times in July, the highest month ever. This follows a record 2.8 billion digital logins in the second quarter, up 11% year-over-year. Today, the company has a record 55 million verified digital clients, up 5% year-over-year.
“No matter what the environment, we’re ensuring that our clients have efficient, reliable and easy-to-use digital solutions to navigate their finances today, and to help them plan for tomorrow,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “Our commitment to and ongoing investment in best-in-class financial technology, along with a culture of innovation, allows us to deliver an integrated and individualized client experience, and solutions that are timely, relevant and secure.”
More than 72% of Bank of America households are actively using digital channels for more of their day-to-day needs and to plan for what’s ahead.
- Since its launch in 2020, nearly 8 million clients have engaged with Bank of America Life Plan® to set and track progress toward short and long-term financial goals. Their top goals include Budget and Start Saving (34%), Improve Credit (28%), Save for a Large Purchase (21%), Buy a Home (18%) and Save for Retirement (16%).
- Clients are also pursuing their financial and investment goals through Merrill Guided Investing, with the number of accounts increasing 22% in the second quarter.
- More than 10 million clients are now members of our Preferred Rewards program and hold more than $1.5 trillion in assets, up 14% year-over-year.
- Since its launch in September 2021, over 17 million unique clients have visited our new Security Center. It provides a simple and intuitive security meter that helps clients understand next best steps they can take to enable additional security features and further keep their accounts secure, causing their meter level to increase. Bank of America’s security and authentication settings can be found in one place, with security and fraud avoidance education woven throughout the experience and process.
Clients are increasingly using Bank of America digital capabilities to save time and money:
- Bank of America clients sent 43% more Zelle transactions in Q2 than paper checks written, up from 7% last year.
- As of Q2, nearly 28 million clients have interacted with Erica – the most advanced AI-driven virtual financial assistant – and have done so more than 905 million times since launch in 2018.
- Clients scheduled 911,000 appointments using the bank-by-appointment feature in Q2, up 5% year-over-year.
- More than 3 million Spanish speaking clients are digitally active, up 17% year-over-year.
Digital engagement by Merrill and Private Bank clients has also reached an all-time high, with 82% of wealth management clients now digitally active.
- Fostering financial planning discussions, Merrill continues to enhance Personal Wealth Analysis (PWA), a proprietary planning tool that connects client goals to investment solutions to create broader conversations between advisors and clients.During the second quarter, 59% more financial planning reports were run for Merrill clients versus a year ago.
- With its Collaborative Onboarding Experience (COBE), a digitized account opening platform, Merrill is further enhancing the client experience. Through new real-time collaboration capabilities, advisor teams can now virtually assist clients with capturing information, answering questions, and streamlining the overall onboarding process.
- Wealth management clients’ interactions with Erica increased 33%.
Businesses are using digital channels to conduct financial operations and engage with customers, including 76% of Bank of America Business Banking, Global Commercial Banking and Global Corporate Investment Banking business clients, and 87% of Small Business clients.
Many of the digital capabilities available to mid-sized and large corporate clients are delivered through the bank’s proprietary CashPro® platform, which companies use to manage their loans, deposits, payments, receivables, trade finance and reporting:
- 1.8 million clients signed in to the CashPro app on a rolling 12-month basis, a 46% year-over-year increase.
- Payment approvals within CashPro reached $537 billion on a rolling 12-month basis, increasing 120% year-over-year.
- Enrollments in digital wallets for Commercial Cards reached 87,000, a nearly 100% increase year-over-year.
- Small business owners using Connected Apps to link third party applications directly through Business Advantage 360 is up 219% year-over-year, allowing them to better manage their finances and run their business more efficiently.
- A record more than 1.2 million small business owner clients used Zelle, and did so for more than 24.2 million transactions in the second quarter.
In 2022, Bank of America has launched Virtual Account Management in the U.S., ACH Positive Pay on the CashPro App,Pay by Bank and CashPro Forecasting to further help clients manage their businesses digitally.
More information on how Bank of America clients are engaging with digital banking is available in the bank’s quarterly Trends in Digital (PDF) fact sheet.
Recent awards and recognition
Bank of America continues to lead the industry in digital, as seen through more than 80 industry awards and accolades received so far in 2022, including:
- Best Bank in the U.S. and Global Most Innovative Financial Institution by Global Finance
- World’s Best Bank by Euromoney magazine
- Best Bank App Overall by The Ascent
- ‘Best in Class’ by Javelin Strategy & Research’s 2022 Digital Banking Scorecards in both the mobile banking and online banking categories for the 6th year in a row
- No. 1 in Small Business Digital Banking by Barlow Research Digital Banking Test Drive, including No. 1 in Desktop Online Banking Adoption and No. 1 in Mobile Banking Adoption
- 2022 Model Wealth Manager award for Client Experience as well as Model Bank for Corporate Digital Banking for CashPro App by Celent
- Professional Wealth Management’s 2022 Wealth Tech Award recognized Bank of America and Merrill for best use of technology, best digital innovator of the year and best for digital empowering relationship managers
- Best Mobile Cash Management Software for CashPro App by Global Finance Treasury & Cash Management Awards
- Best Cash Management Project in Asia Pacific for CashPro Forecasting by The Asian Banker
Download the Bank of America app or visitbankofamerica.com.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Bank of America Life Plan is a registered trademark of the Bank of America Corporation.
For more Bank of America news, including dividend announcements and other important information, register for news email alerts.
Reporters May Contact:
Matt Card, Bank of America
Phone: 202.579.6879
[email protected]
Andy Aldridge, Bank of America
Phone: 980.387.0514
[email protected]
Categories
- Consumer Bank
August 25, 2022 at 9:00 AM Eastern
During period of economic uncertainty, consumer, wealth management and business clients leverage digital platforms in record numbers
Leer en español
Bank of America clients are increasingly relying on the company’s award-winning digital solutions to manage their finances. Clients logged into the company’s digital platforms nearly 1 billion times in July, the highest month ever. This follows a record 2.8 billion digital logins in the second quarter, up 11% year-over-year. Today, the company has a record 55 million verified digital clients, up 5% year-over-year.
“No matter what the environment, we’re ensuring that our clients have efficient, reliable and easy-to-use digital solutions to navigate their finances today, and to help them plan for tomorrow,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “Our commitment to and ongoing investment in best-in-class financial technology, along with a culture of innovation, allows us to deliver an integrated and individualized client experience, and solutions that are timely, relevant and secure.”
More than 72% of Bank of America households are actively using digital channels for more of their day-to-day needs and to plan for what’s ahead.
- Since its launch in 2020, nearly 8 million clients have engaged with Bank of America Life Plan® to set and track progress toward short and long-term financial goals. Their top goals include Budget and Start Saving (34%), Improve Credit (28%), Save for a Large Purchase (21%), Buy a Home (18%) and Save for Retirement (16%).
- Clients are also pursuing their financial and investment goals through Merrill Guided Investing, with the number of accounts increasing 22% in the second quarter.
- More than 10 million clients are now members of our Preferred Rewards program and hold more than $1.5 trillion in assets, up 14% year-over-year.
- Since its launch in September 2021, over 17 million unique clients have visited our new Security Center. It provides a simple and intuitive security meter that helps clients understand next best steps they can take to enable additional security features and further keep their accounts secure, causing their meter level to increase. Bank of America’s security and authentication settings can be found in one place, with security and fraud avoidance education woven throughout the experience and process.
Clients are increasingly using Bank of America digital capabilities to save time and money:
- Bank of America clients sent 43% more Zelle transactions in Q2 than paper checks written, up from 7% last year.
- As of Q2, nearly 28 million clients have interacted with Erica – the most advanced AI-driven virtual financial assistant – and have done so more than 905 million times since launch in 2018.
- Clients scheduled 911,000 appointments using the bank-by-appointment feature in Q2, up 5% year-over-year.
- More than 3 million Spanish speaking clients are digitally active, up 17% year-over-year.
Digital engagement by Merrill and Private Bank clients has also reached an all-time high, with 82% of wealth management clients now digitally active.
- Fostering financial planning discussions, Merrill continues to enhance Personal Wealth Analysis (PWA), a proprietary planning tool that connects client goals to investment solutions to create broader conversations between advisors and clients.During the second quarter, 59% more financial planning reports were run for Merrill clients versus a year ago.
- With its Collaborative Onboarding Experience (COBE), a digitized account opening platform, Merrill is further enhancing the client experience. Through new real-time collaboration capabilities, advisor teams can now virtually assist clients with capturing information, answering questions, and streamlining the overall onboarding process.
- Wealth management clients’ interactions with Erica increased 33%.
Businesses are using digital channels to conduct financial operations and engage with customers, including 76% of Bank of America Business Banking, Global Commercial Banking and Global Corporate Investment Banking business clients, and 87% of Small Business clients.
Many of the digital capabilities available to mid-sized and large corporate clients are delivered through the bank’s proprietary CashPro® platform, which companies use to manage their loans, deposits, payments, receivables, trade finance and reporting:
- 1.8 million clients signed in to the CashPro app on a rolling 12-month basis, a 46% year-over-year increase.
- Payment approvals within CashPro reached $537 billion on a rolling 12-month basis, increasing 120% year-over-year.
- Enrollments in digital wallets for Commercial Cards reached 87,000, a nearly 100% increase year-over-year.
- Small business owners using Connected Apps to link third party applications directly through Business Advantage 360 is up 219% year-over-year, allowing them to better manage their finances and run their business more efficiently.
- A record more than 1.2 million small business owner clients used Zelle, and did so for more than 24.2 million transactions in the second quarter.
In 2022, Bank of America has launched Virtual Account Management in the U.S., ACH Positive Pay on the CashPro App,Pay by Bank and CashPro Forecasting to further help clients manage their businesses digitally.
More information on how Bank of America clients are engaging with digital banking is available in the bank’s quarterly Trends in Digital (PDF) fact sheet.
Recent awards and recognition
Bank of America continues to lead the industry in digital, as seen through more than 80 industry awards and accolades received so far in 2022, including:
- Best Bank in the U.S. and Global Most Innovative Financial Institution by Global Finance
- World’s Best Bank by Euromoney magazine
- Best Bank App Overall by The Ascent
- ‘Best in Class’ by Javelin Strategy & Research’s 2022 Digital Banking Scorecards in both the mobile banking and online banking categories for the 6th year in a row
- No. 1 in Small Business Digital Banking by Barlow Research Digital Banking Test Drive, including No. 1 in Desktop Online Banking Adoption and No. 1 in Mobile Banking Adoption
- 2022 Model Wealth Manager award for Client Experience as well as Model Bank for Corporate Digital Banking for CashPro App by Celent
- Professional Wealth Management’s 2022 Wealth Tech Award recognized Bank of America and Merrill for best use of technology, best digital innovator of the year and best for digital empowering relationship managers
- Best Mobile Cash Management Software for CashPro App by Global Finance Treasury & Cash Management Awards
- Best Cash Management Project in Asia Pacific for CashPro Forecasting by The Asian Banker
Download the Bank of America app or visitbankofamerica.com.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Bank of America Life Plan is a registered trademark of the Bank of America Corporation.
For more Bank of America news, including dividend announcements and other important information, register for news email alerts.
Reporters May Contact:
Matt Card, Bank of America
Phone: 202.579.6879
[email protected]
Andy Aldridge, Bank of America
Phone: 980.387.0514
[email protected]
Categories
- Consumer Bank
