Bank of America (NYSE: BAC) clients are increasingly relying on the company’s 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.”
David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America, said:
“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. 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 the company’s 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.”
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