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Bank of America customers increasingly rely on the company’s award-winning digital solutions to manage their finances. Customers logged into the company’s digital platforms nearly a billion times in July, the highest month on record. This follows a record 2.8 billion digital connections in the second quarter, up 11% year-over-year. Today, the company has a record 55 million verified digital customers, up 5% year over year.
“Whatever the environment, we ensure our customers have effective, reliable and easy-to-use digital solutions to manage their finances today and help them plan for tomorrow,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “Our ongoing commitment and investment in best-in-class financial technologies, along with a culture of innovation, enables us to deliver an integrated and individualized client experience, as well as timely, relevant and secure solutions.”
- Since its launch in 2020, nearly 8 million customers have engaged with Bank of America® Life Insurance Plan to set and track progress toward short- and long-term financial goals. Their top goals are budget and start saving (34%), improve credit (28%), save for a major purchase (21%), buy a house (18%) and save for retirement (16%).
- Clients also pursue their financial and investment goals through Merrill Guided Investingthe number of accounts increased by 22% in the second quarter.
- Over 10 million customers are now members of our Favorite Rewards program and hold more than $1.5 trillion in assets, up 14% year over year.
- Since launching in September 2021, over 17 million unique customers have visited our new Security Center. It provides a simple and intuitive security meter that helps customers understand the best steps to enable additional security features and keep their accounts safe, resulting in an increase in their meter level. Bank of America’s security and authentication settings can be found in one place, with security and fraud prevention training woven throughout the experience and process.
- Bank of America customers sent 43% more Zelle transactions in the second quarter than paper checks, up from 7% last year.
- In the second quarter, nearly 28 million customers interacted with Erica – the most advanced AI-powered virtual financial assistant – and did so more than 905 million times since its launch in 2018.
- Customers scheduled 911,000 appointments using the Appointment Banking feature in the second quarter, up 5% year-over-year.
- More than 3 million Spanish-speaking customers are digitally active, up 17% year over year.
- 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 compared to a year ago.
- With its Collaborative Onboarding Experience (COBE), a digitized account opening platform, Merrill further enhances the customer experience. With new real-time collaboration capabilities, advisor teams can now virtually help clients capture information, answer questions, and streamline the overall onboarding process.
- Wealth management client interactions with Erica increased by 33%.
Many of the digital capabilities available to medium and large business customers are delivered through the bank’s proprietary CashPro® platform, which businesses use to manage their loans, deposits, payments, receivables, trade finance and reporting:
- 1.8 million customers logged into the CashPro app over the rolling 12 months, a 46% year-over-year increase.
- Payment approvals within CashPro reached $537 billion on a rolling 12-month basis, up 120% year-over-year.
- Enrollments in digital wallets for commercial cards reached 87,000, an increase of nearly 100% year over year.
- Small business owners using Connected apps to link third-party applications directly via Business Advantage 360 is up 219% year over year, enabling them to better manage their finances and run their businesses more efficiently.
- A record 1.2 million+ small business customers used Zelle, and over 24.2 million transactions in the second quarter.
In 2022, Bank of America launched Virtual Account Management in the US, ACH Positive Pay on the CashPro app, Pay by Bank, and CashPro Forecasting to further help customers run their businesses digitally.
More information on how Bank of America customers are engaging with digital banking is available in the bank’s quarterly Trends in Digital fact sheet.
Bank of America continues to lead the digital industry, as evidenced by more than 80 industry awards and accolades received so far in 2022, including:
- Best Bank in the United States and Most Innovative Financial Institution in the World by Global Finance
- World’s Best Bank by Euromoney Magazine
- Best Overall Banking App by The Ascent
- ‘Best in Class’ according to Javelin Strategy & Research’s 2022 Digital Banking Scorecards in the Mobile Banking and Online Banking categories for the 6e consecutive year
- #1 in Digital Banking for Small Businesses by Barlow Research Digital Banking Test Drive, including #1 in Desktop Online Banking Adoption and #1 in Mobile Banking Adoption
- Model Wealth Manager 2022 Award for Customer 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 Empowerment Relationship Managers
- Best Mobile Cash Management Software for CashPro App by Global Finance Treasury & Cash Management Awards
- Best Asia Pacific Cash Management Project for CashPro Forecasting by The Asian Banker
Download the Bank of America app or visit bankofamerica.com.
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company provides unparalleled convenience in the United States, serving approximately 67 million consumer and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ticket vending machines 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 businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides 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 customers 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 Zelle-related marks are the exclusive property of Early Warning Services, LLC and are used herein under license.
Bank of America Life Plan is a registered trademark of Bank of America Corporation.
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Matt Card, Bank of America
Andy Aldridge, Bank of America