Top 5 trends reveal how digital became a primary channel for clients during the pandemic
Growth in digital engagement expected to continue as clients enjoy personalized experiences and embrace the ease and convenience of managing their financial lives anywhere and anytime
Last year, more and more people relied on digital connections and capabilities to manage multiple aspects of their daily lives. Through it all, Bank of America made it easy, convenient and secure for its clients to manage their finances through high-tech and high-touch channels.
“This past year digital capabilities were more important than ever to our clients,” said David Tyrie, head of digital at Bank of America. “Our investments in mobile and online channels over the last 10 years, along with new and enhanced capabilities introduced throughout last year, enabled us to deliver more personalized experiences for each client through a balance of digital and in-person tools and services across their entire relationship with us.”
Bank of America saw record levels of digital engagement among new and existing clients last year. The company’s 39 million digital clients, including 31 million active mobile users, increasingly adopted key features within its mobile and online platforms – including mobile check deposits and digital lending applications, Erica®, Zelle®, Life Plan® and CashPro®.
Surge in digital engagement – Today, approximately 70% of Bank of America consumer client households and small business clients and 77% wealth management client households are digitally active. Bank of America clients deposited 160 million checks using the mobile banking app in 2020. Last year, 84% of deposits were made through the company’s automated channels (mobile, online and ATMs), up from 78% the prior year. Digital sales accounted for 42% of total consumer sales last year, up from 30% in 2019. Furthermore, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019. Challenges faced by clients last year also led many more to digitally schedule appointments, with 2.6 million arranging in-person and virtual appointments, a 14% increase year over year. Since April 2020, 25% of financial center traffic was driven by the company’s Bank by Appointment capability.
Last summer, the company also announced several enhancements to its mobile app. Within this single app, millions of Bank of America clients with either a Merrill investing or retirement relationship or a Bank of America Private Bank relationship can now benefit from: an integrated view of their accounts; extended support from Erica through insights on portfolio performance, trading, investment balances, quotes and holdings; the ability to access and execute trades for their Merrill investment accounts; and greater opportunity to maximize their benefits with a consolidated view of rewards and offers across all of their accounts.
“The client is at the center of everything we do within our digital experience, which is guided by three core principles: it has to be in the client’s best interest, provide information and advice that is relevant and timely, and always offer the choice of the next best step,” Tyrie added. “Going forward, we’ll continue to innovate and to be there to support our clients – tailoring banking, lending and investing experiences to each individual, in real time.”
Over the last 10 years, Bank of America’s commitment to delivering the best digital experiences for clients has helped the company become a global leader in digital banking, lending and investing. Throughout 2020, the company was recognized with more than 50 awards for its digital leadership, including such accolades as: “Best Consumer Digital Bank in the U.S.” by Global Finance, “North America’s Best Digital Bank” by Euromoney, “Best in Class” for the fourth consecutive year and recognition for excellence in mobile and online banking in the Javelin Strategy & Research 2020 Mobile Banking and 2020 Online Banking Scorecards, industry leader in The Forrester Banking Wave™: U.S. Mobile Apps report and in The Forrester Banking Digital Experience Review™: U.S. Mobile Apps report, and Stevie® Award in the 2020 American Business Awards® for the Bank of America mobile app.
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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 31 million mobile 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 3 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Bank of America Life Plan is a registered trademark of the Bank of America Corporation.
Reporters May Contact:
Andy Aldridge, Bank of America
Matt Card, Bank of America