“Now greater than ever, customers and companies depend upon digital, and Financial institution of America continues to ship environment friendly, protected and dependable digital monetary options,” stated David Tyrie, Chief Digital Officer and Head of International Advertising at Financial institution of America. “Our digital capabilities enable our purchasers to simply handle each facet of their monetary lives throughout banking, investing, lending and retirement, with entry to recommendation and steering from our monetary professionals and thru our monetary facilities once they want it.”
As of January 2022, the financial institution has 16 million lively Zelle® customers – together with small companies – with purchasers sending extra Zelle transactions than bodily checks written in 2021 – 514 million in comparison with 453 million, respectively. Right this moment, 86% of deposits are made by digital or ATM channels. Small enterprise digital gross sales are practically 300% above pre-2020 ranges, and digital gross sales account for practically 50% of whole gross sales. Erica® engaged with purchasers for about 2.2 million hours in 2021. Purchasers cannot cease banking and are participating with the financial institution’s full suite of capabilities:
- A report degree of Zelle transactions totaled $231 billion despatched and acquired in 2021, up greater than 64% year-over-year. Zelle accounted for 8% of whole client spending at Financial institution of America in 2021, demonstrating shopper demand for quick, simple and protected strategies of paying family and friends, buying digitally and in-store, and paying payments.
- Since launching in 2018, 24.6 million Financial institution of America purchasers have interacted with Erica®, probably the most superior AI-driven digital monetary assistant, a complete of 659 million occasions. In 2021, purchasers interactions with Erica had been practically twice the entire of the earlier two and a half years, with 123 million interactions going down in This autumn 2021 alone, a 247% year-over-year enhance. Practically 7 million purchasers engaged with Erica for the primary time, and interactions amongst wealth administration purchasers elevated by 418% year-over-year.
- Financial institution of America Life Plan® conversations in monetary facilities have led to the creation of greater than 1.5 million future appointments to additional talk about purchasers’ life priorities. Greater than 6 million Financial institution of America purchasers have created a Life Plan to set and observe their monetary targets and higher perceive and act on steps towards attaining them. Since its launch in October 2020, Life Plan purchasers have created 2.1 million new deposit accounts, 78,000 new Merrill brokerage accounts and opened 892,000 new card accounts.
- Since including Merrill funding options to the Financial institution of America app in Q2 2020, Financial institution of America has seen a 90% enhance within the variety of purchasers accessing funding options by cellular. Client Investments added 525,000 new funded accounts in 2021, bringing whole accounts to three.3 million. The Client Investments group is basically made up of Merrill Edge Self-Directed (MESD) accounts and Merrill Guided Investing (MGI) accounts. Final 12 months, 40% of newly funded MESD and MGI accounts had been opened by younger buyers beneath the age of 40, a 54% enhance from 2019.
- Greater than 85% of Financial institution of America small enterprise purchasers are utilizing digital channels. As well as, 75% of the financial institution’s mid-sized and huge company purchasers are counting on digital to handle their corporations’ funds. In 2021, these corporations authorized $384 billion of funds by the CashPro® app, a 119% enhance year-over-year, with CashPro app sign-ins up 55%. Most not too long ago, Financial institution of America launched CashPro Forecasting, a software that makes use of AI and machine studying expertise to extra precisely predict future money positions throughout shopper accounts at Financial institution of America and different monetary establishments.
“Purchasers anticipate monetary options which are well timed, related and safe,” stated Tyrie. “At Financial institution of America, we are going to proceed to be on the forefront of innovation, leveraging best-in-class expertise to assist our purchasers by built-in and individualized capabilities to fulfill all of their monetary wants.”
Extra info on how Financial institution of America purchasers are participating with digital is accessible within the financial institution’s quarterly Traits in Digital reality sheet.
Current awards and recognition
Financial institution of America’s digital management continues to be acknowledged all through the {industry}, receiving greater than 100 accolades in 2021 and already receiving high honors in 2022, most not too long ago a No. 1 rating from Barlow for small enterprise on-line and cellular adoption. Financial institution of America has additionally been acknowledged not too long ago because the Greatest Digital Financial institution by The Digital Banker within the Retail Banking Innovation Awards, and No. 1 on Keynova’s On-line Banking Scorecard for the 26th consecutive time. Merrill Edge was additionally acknowledged as Greatest On-line Inventory Dealer for Freshmen by Bankrate. Further awards in 2022 and through This autumn 2021 embody:
- Greatest Cell Money Administration Software program, by International Finance (2022)
- No. 1 Total for Small Enterprise Banking Digital Performance, No. 1 Total for Credit score Card Scorecard, No. 1 in Digital Card Gross sales, Performance, No. 1 Digital Mortgage and House Fairness Expertise, Keynova (2021)
- No. 1 Total for Account Data, No. 1 Total for Account Servicing, No. 1 Total for Investor Questionnaires, No. 1 Total for Fund and Account Transfers, No. 1 Total for Cell Alerts and Notifications, by Company Perception within the Monitor Awards
- Greatest Digital Initiative for Financial institution of America Cell App by Banking Tech Awards
- No. 1 in Small Enterprise Checking Digital Service penetration, Cell Banking penetration and Distant Deposit Seize penetration within the BAI Small Enterprise Benchmarking Examine
- 2021 Greatest On-line Brokers for Inventory Buying and selling – Merrill Edge, Bankrate
- No. 1 Total Digital Expertise by Forrester Analysis
- Most well-liked Rewards program awarded Greatest in Class for Buyer Loyalty Staff, Buyer Focus, Program Technique and Design, B2B Buyer Loyalty by Loyalty360
- Excellent Monetary Innovator – 2021 International by International Finance
- CashPro App named Winner: Cell Expertise Resolution in Awards for Innovation & Excellence in Treasury by Treasury Administration Worldwide, 2021
- Digital Innovation Award for Merrill’s Digital Wealth Overview from MMI/Barron’s
- Named Most Progressive Personal Financial institution in North America by International Finance
Obtain the Financial institution of America app or go to bankofamerica.com.
Financial institution of America
Financial institution of America is among the world’s main monetary establishments, serving particular person customers, small and middle-market companies and huge firms with a full vary of banking, investing, asset administration and different monetary and threat administration services and products. The corporate offers unmatched comfort in the USA, serving roughly 67 million client and small enterprise purchasers with roughly 4,200 retail monetary facilities, roughly 16,000 ATMs, and award-winning digital banking with roughly 41 million lively customers, together with roughly 33 million cellular customers. Financial institution of America is a worldwide chief in wealth administration, company and funding banking and buying and selling throughout a broad vary of asset courses, serving firms, governments, establishments and people world wide. Financial institution of America affords industry-leading assist to roughly 3 million small enterprise households by a set of modern, easy-to-use on-line services and products. The corporate serves purchasers by operations throughout the USA, its territories and roughly 35 international locations. Financial institution of America Company inventory (NYSE: BAC) is listed on the New York Inventory Change.
Zelle and the Zelle-related marks are wholly owned by Early Warning Providers, LLC and are used herein beneath license.
Financial institution of America Life Plan is a registered trademark of the Financial institution of America Company.
Financial institution of America Personal Financial institution is a division of Financial institution of America, N.A., Member FDIC, and a completely owned subsidiary of Financial institution of America Company (“BofA Corp.”).
Banking merchandise are offered by Financial institution of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Financial institution of America Company.
For extra Financial institution of America information, together with dividend bulletins and different necessary info, go to the Financial institution of America newsroom and register for information e mail alerts.
Investing entails threat. There’s at all times the potential of shedding cash once you spend money on securities.
Financial institution of America, Merrill, its associates, and monetary advisors don’t present authorized, tax, or accounting recommendation. It is best to seek the advice of your authorized and/or tax advisors earlier than making any monetary choices.
Merrill Lynch, Pierce, Fenner & Smith Included (additionally known as “MLPF&S” or “Merrill”), makes obtainable sure funding merchandise sponsored, managed, distributed or offered by corporations which are associates of Financial institution of America Company (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered funding adviser, Member SIPC and a completely owned subsidiary of BofA Corp.
Funding merchandise:
Are Not FDIC Insured Are Not Financial institution Assured Could Lose Worth
Reporters Could Contact:
Andy Aldridge, Financial institution of America
Cellphone: 1.980.387.0514
[email protected]
SOURCE Financial institution of America Company
