Real-time alerts offer proactive and
personalized insights, helping clients know when to log in and
manage their financial lives
CHARLOTTE, N.C., Feb. 12,
2024 /PRNewswire/ -- As Bank of America continues to
personalize digital banking, clients are more frequently connecting
with their finances digitally. In 2023, Bank of America clients
connected with their finances more than 23.4 billion times through
a combination of digital logins and proactive alerts – an 11%
increase year over year and all-time record.
- Clients received more than 10.6 billion proactive digital
alerts in 2023 – an increase of 12% year-over-year – giving them
real-time insight into their financial lives. Bank of America now
has 57 million verified digital users, among which more than 35
million have opted to receive these alerts. The most common alerts
last year offered insights into account balances, deposit available
balances, and virtual debit card usage.
- Over the course of 2023, clients also logged into their
accounts 12.8 billion times to stay on top of their finances –
including a record 3.3 billion logins in Q4, up 10% year-over-year.
More clients are checking their finances more often, driving the
number of active digital clients, those who have used digital in
the last 90 days, to a record 46 million active users, up more than
2.2 million year over year.
- Today, 77% of Consumer and Small Business households actively
use Bank of America's digital platforms, as well as 84% of Wealth
Management households, and 75% of business clients.
"Our clients unlocked convenience 23 billion times last year
through digital interactions," said Nikki
Katz, Head of Digital at Bank of America.
"Individualized real-time alerts and proactive insights,
along with our digital platform overall, help simplify the
day-to-day management of finances. This allows our clients to more
easily balance life and enjoy the moments that matter."
In 2023, clients interacted 673 million times with Erica, the
most advanced and first widely available virtual financial
assistant. This was a 28% increase year-over-year, bringing the
total interactions since launch to nearly 1.9 billion. Clients
across Bank of America businesses increasingly leverage Erica:
- Erica now has 18.5 million active users, a 12% increase
year-over-year.
- Merrill client interactions with Erica exceeded 10 million in
2023.
- Private Bank clients interacted with Erica a record 700,000
times in 2023, up 35% from the previous year.
- CashPro Chat integrated Erica in 2023, with 43% of client
inquiries now being answered in the app. CashPro clients also
received 19.7 million alerts and insights in 2023.
How clients send and deposit money has also continued to shift
toward digital:
- A record 21.5 million clients now use Zelle®. These clients
sent and received 1.24 billion payments worth $373 billion in 2023 – both record highs.
- Clients sent more than twice as many Zelle transactions as
checks written in 4Q 2023.
- 75% of checks to Wealth Management clients were deposited
digitally.
- 75% of Business clients were active across CashPro and
BA360.
More information on how Bank of America clients are engaging
with digital banking is available in the bank's
quarterly Trends in Digital fact sheet.
Bank of America continues to be recognized throughout the
industry for its digital leadership, receiving over 120 accolades
in 2023. Most recently, Bank of America was named:
- Best Mobile Banking Apps by Forbes
- #1 Overall 4Q 2023 Online Banker Scorecard by Keynova
- #1 Overall 4Q 2023 Mobile Credit Card Scorecard by Keynova
- Merrill Edge Self-Directed was ranked #1 in three categories in
the StockBrokers.com 2024 Annual Broker Review
- Overall Client Experience (for the seventh year in a row)
- Client Dashboard (for the fourth year in a row)
- for Bank Brokerage (for the tenth year in a row)
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 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 69 million consumer and small business clients with
approximately 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 57 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 4 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 more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
Zelle and the Zelle-related marks are wholly owned by Early
Warning Services, LLC and are used herein under license.
For more Bank of America news, including dividend announcements
and other important information, register for news email
alerts.
Reporters May
Contact:
Andy
Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation