BofA to Expand Digital Banking Tools to Meet Growing Customer Demand

After seeing a record number of consumers logging into digital channels during the month of July and the second quarter, Bank of America is planning to boost its spending on technology to further expand its electronic banking tools. 

During the second quarter, customers logged in to the bank’s electronic platforms 2.8 billion times — up 11% year over year. In July, users logged in 1 billion times, the highest month on record, according to a press release Thursday (Aug. 25).

The bank has a record 55 million verified digital clients, up 5% year over year.

“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,” said David Tyrie, chief digital officer and head of global marketing at Bank of America. 

“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,” Tyrie continued.

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More than 72% of the bank’s households are actively using digital channels for more of their daily needs and to plan for the future. According to the release, the Bank of America Life Plan, launched in 2020, helped close to 8 million people set and track their progress toward short and long-term financial goals.

BofA customers also sent 43% more Zelle transactions in the second quarter than paper checks written, up from 7% last year. Additionally, almost 28 million customers interacted with Erica, the bank’s artificial intelligence (AI)-driven virtual financial assistant. 

Read more: REPORT: Two-Thirds of US Digital Banking Customers Choose Security Over Convenience

The bank said it’s also experiencing a record increase in digital engagement by Merrill and Private Bank clients, with 82% of wealth management clients now digitally active, according to the release. There was a 59% increase in financial planning reports run for Merrill clients in the second quarter compared to a year ago.

Businesses are also using digital channels more, including 76% of Bank of America Business Banking, Global Commercial Banking and Global Corporate Investment Banking business clients, as well as 87% of Small Business clients.