2022-08-25 | NYSE: BAC | Press release

In times of economic uncertainty, consumers, wealth managers and businesses are using digital platforms in record numbers

CHARLOTTE, North Carolina, August 25, 2022 /PRNewswire/ — 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.

“Regardless of the environment, we ensure that 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 customer experience, as well as timely, relevant and secure solutions.”

More than 72% of Bank of America households are actively using digital channels to meet more of their daily needs and to plan ahead.

  • Since its launch in 2020, nearly 8 million customers have engaged with Bank of America Life 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 are also pursuing their financial and investment goals through Merrill Guided Investing, with account numbers growing 22% in the second quarter.
  • Over 10 million customers are now members of our Preferred Rewards program and hold more than $1.5 trillion assets, up 14% year-on-year.
  • Since its launch 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 take to enable additional security features and make their accounts more secure, 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.

Customers are increasingly using Bank of America’s digital capabilities to save time and money:

  • 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.

Merrill and Private Bank client digital engagement also hit 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 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%.

Businesses use digital channels to conduct financial transactions and engage with customers, including 76% of Bank of America Business Banking, Global Commercial Banking, and Global Corporate Investment Banking commercial customers, and 87% of small business customers.

Most of the digital capabilities available to medium and large business customers are delivered through the 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 in CashPro reached $537 billion over 12 rolling months, increasing 120% year-on-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 apps directly through Business Advantage 360 ​​grew 219% year-over-year, helping them better manage their finances and run their business more efficiently.
  • A record 1.2 million+ small business customers used Zelle, and did so for more than 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 manage their business 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.

Recent awards and recognitions

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 cash management project in Asia Pacific for CashPro Forecasting by The Asian Banker

Download the Bank of America app or visit bankofamerica.com.

Bank of America

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 offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services 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 its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are 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 American life plan is a registered trademark of Bank of America Corporation.

Bank of America Private Bank is a division of Bank of America, NA, Member FDIC, and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

Banking products are provided by Bank of America, NA and affiliated banks, member FDICs and wholly owned subsidiaries of Bank of America Corporation.

For more information about Bank of America, including dividend announcements and other important information, visit the Bank of America Newsroom and sign up for email alerts.

Investing involves risk. There is always the risk of losing money when investing in securities.

Bank of America, Merrill, its affiliates and their financial advisors do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decision.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”), makes available certain investment products sponsored, managed, distributed or provided by affiliates of Bank of America Corporation (“BofA Corp. “). MLPF&S is a registered broker-dealer, registered investment adviser, SIPC member and a wholly owned subsidiary of BofA Corp.

Investment products:

Are not FDIC insured

Are not guaranteed by the bank

May lose value

Journalists can contact:

matte cardBank of America

Phone: 202.579.6879

[email protected]

Andy AldridgeBank of America

Phone: 980.387.0514

[email protected]

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SOURCE Bank of America Corporation

Luisa D. Fuller