Tagged: bank of america

Bank of America Introduces Digital Insights Tool to Analyze Financial Information Flowing via CashPro Platform

Bank of America (NYSE: BAC) announced the launch of CashPro Insights, a digital tool that analyzes information flowing through the CashPro platform. Through data-driven intelligence, clients are presented “with insights that empower them to make more informed treasury decisions and drive cost savings and efficiencies…. Read More

Property Market Report: Fewer Prospective Homebuyers Willing to Wait for Improved Economic Conditions

Prospective homebuyers’ patience may be waning, with fewer willing to wait until home prices or interest rates come down to purchase a home, according to new data from the Bank of America (NYSE: BAC) Homebuyer Insights Report. Today, 62% are willing to “wait for prices… Read More

Lower Inflation Should Allow Central Banks to Cut Rates, While US Equities May Reach Record Levels – Report

Lower inflation levels around the globe should allow central banks to slash rates, according to a recent repot which also noted that US equities could potentially reach a record level of 5000 on the S&P by year-end. Few have experienced today’s macro uncertainty in their… Read More

Automobile Financing Experience Streamlined by Bank of America with Digital Tools, Resources

Bank of America (NYSE: BAC) is introducing new digital capabilities to support consumers in their car shopping and financing journey. Bank of America clients can now “get prequalified for auto financing to learn how much they may be able to borrow and estimate their terms,… Read More

Funding for US Small Businesses: Bank of America Provides Financing to Veteran Loan Fund

Bank of America (NYSE: BAC) is seeding a second round of financing for Veteran Loan Fund, doubling a two-year-old commitment that has already funded more than 500 small businesses built by former military personnel that “have created or retained more than 3,000 jobs across 37… Read More

Private Wealth Management Survey: Biggest Challenge when Co-Managing Shared Assets Is Limited Governance

Nearly four in five wealthy families have had unplanned discussions about wealth with 26% later regretting it, according to a new study published by the Merrill Center for Family Wealth, a part of Merrill Private Wealth Management. The research found 33% of families “increased family… Read More

Moderating Wage Growth Is Driving Uptick in Gig Work, Especially in Younger Generations – Report

Bank of America Institute (NYSE: BAC), the internal think tank that uses Bank of America’s proprietary data from their 68 million consumer accounts to glean insights into the US economy, has released a report. The update looks into how consumers are faring given the current conditions…. Read More

Chase and Bank of America Offer a Measly 0.01% Savings Interest Rates, Raisin Promotes a 5.42% Offer

Mr. Potter Banker Banking (1)

  Chase and Bank of America are the big losers when it comes to providing a savings rate for their account holders. Currently both Chase and B of A offer a interest rate on their savings account of a measly 0.01% (APY). What do you… Read More

Trade Finance Solutions: Bank of America Introduces CashPro Supply Chain Services

As part of a multi-year effort to transform trade finance, Bank of America (NYSE: BAC) is launching CashPro Supply Chain Solutions, a platform that will offer participants in a supply chain the benefits of digitization with improved process efficiency and working capital optimization. CashPro is… Read More

Global Digital Disbursements in Canada Introduced by Bank of America via Interac e-Transfer

Bank of America (NYSE: BAC) is announcing the launch of its alias solution, Global Digital Disbursements to its commercial clients holding deposit accounts at the bank’s branch in Canada. Global Digital Disbursements facilitates “the processing of multiple B2C payments and C2B collections where the identifier… Read More

Average 401(k) Balances Up Nearly 10% in 2023, Bank of America Claims

Bank of America (NYSE: BAC) released its Q2 2023 Participant Pulse (PDF), which found average 401(k) balances increased by $7,250 (9.6%) since the end of 2022. The report also found that “a growing number of 401(k) participants are initiating withdrawals from their plans.” The number… Read More

Majority of Mid-Sized Businesses Expect Revenue to Increase, Despite Economic Challenges: Report

Despite economic challenges, 75% of mid-sized business owners expect their revenue to increase and 71% are planning “to hire over the next 12 months,” according to the inaugural Bank of America (NYSE: BAC) Mid-Sized Business Owner Report (PDF). The study is based “on a survey… Read More

Financial Inclusion: Bank of America Surpasses $500M in Equity Investments to Support Minority, Women Entrepreneurs

Bank of America (NYSE: BAC) announced that it has committed more than $500 million in equity investments “to minority- and women-led funds, more than doubling its initial $200 million commitment.” The bank has “committed equity to more than 150 funds, which to date have invested… Read More

FIA Tech, a Futures Industry Technology Provider, Raises Additional $25.4M

FIA Tech, which claims to be a leading futures industry technology provider, announced that it raised an additional $25.4 million in a funding round “led by six existing shareholders, Bank of America, Barclays, Citi, Goldman Sachs, J.P. Morgan and Wells Fargo, in addition to BNP… Read More

Bank of America, Apple Execs Join Chargebacks911 to Support Business Expansion Efforts

Chargebacks911 and Fi911, the firm focused on chargeback management technology, announced the appointment of payments industry professionals Guy Harris as its Chairman of the board, and Eric M. Hoffman as President of Interbank Solutions and board member. The two experienced and well-connected payments professionals, “who… Read More

Center for Research toward Advancing Financial Technologies Announces Industry Members, Research Projects to Drive Fintech Sector Innovation

Stevens Institute of Technology and Rensselaer Polytechnic Institute announced their first industry members, “including Bank of America (NYSE: BAC), and initial research projects for the Center for Research toward Advancing Financial Technologies (CRAFT).” An industry-university cooperative research center, “backed by a grant from the National… Read More

Zelle Creators Look to Create Digital Wallet as Payments and Cash Become More Digital: Report

In a move that should come as no surprise – except for the delay in moving forward on the strategy – the big banks that helped to found Zelle are creating their own digital wall, according to a report. The seven banks, including Citi, Bank… Read More

Zelle Has Issues, Points Finger at Bank of America

Zelle, a payments and transfers service that was created by multiple big banks, has been having some issues today, according to multiple posts on Twitter. While Zelle has not issued a press statement reassuring users it is on top of things, it appears that Zelle… Read More

Bank of America Commits $13M to Chicago-Area Nonprofits Working to Improve Economic Opportunity

Bank of America (NYSE: BAC) announced it has committed $13 million in funding to more than 100 Chicago-area nonprofit organizations working “to drive economic opportunity for individuals and families in underserved Chicagoland communities.” In 2022, Bank of America partnered with nonprofits that are “addressing key… Read More

Bank of America’s Erica Tops 1B Customer Interactions, Now Almost 1.5M Per Day

Erica, which is described as the “most advanced” and “first” widely available virtual financial assistant, has surpassed 1 billion interactions with Bank of America (NYSE: BAC) clients. The technology, powered by artificial intelligence (AI), officially “launched in 2018 and has since helped nearly 32 million… Read More