Bank of America Achieves No. 1 Rankings from Greenwich Associates In Corporate Banking, Cash Management, Trade and Digital

February 17, 2021 at 10:00 AM Eastern

Bank of America earned a number of first place rankings from Greenwich Associates in the research group’s 2020 survey for banks serving U.S. Large Corporate companies. The rankings, which are across the Share Leader, Quality Leader and Excellence categories, confirm the bank’s leadership in providing expert advice and leading digital capabilities to some of the largest corporations in the world.

The bank’s leadership in corporate banking, cash management, trade finance and digital is revealed through the following rankings:

  • Ranked No. 1 as the 2020 Share Leader in U.S. Corporate Banking
  • Ranked No. 1 in the Provision of Services across Cash Management, Trade Finance and FX 
  • Named Quality Leader across all three categories: Banking, Cash Management and Trade Finance
  • In the Excellence Awards, the bank differentiated itself from its key competitors through the quality of its products and services in twelve areas in Corporate Banking, Cash Management and Digital
  • In the Digital rankings, the bank’s platform for business banking, CashPro®,ranked No. 1 in digital functionality, digital platform design. The bank also ranked No. 1 in the ability to provide end-to-end digital process.

“We consider these rankings a significant indicator of how well we’re doing as the results are entirely based on the opinions of our clients,” said Faiz Ahmad, head of Global Transaction Banking. “The results are particularly gratifying after a year that was defined by many unexpected challenges brought about by the global pandemic.”

 

Digital platform recognized for “excellence in functionality”

CashPro®,the digital banking platform that is accessed by more than 500,000 users, was the only banking platform out of a total of 70 to be recognized for “excellence in functionality” and one of only two banking platforms recognized for overall excellence and design according to Greenwich’s Excellence Awards.

Over the past year, the usage numbers for CashPro’s mobile banking app has climbed by double digits. In addition, clients have increasingly entrusted the app to process significant volumes of payments. On one day in January, the app processed more than $2 billion in payments.

According to Greenwich, “In recent periods, Bank of America appears to have really recognized this paradigm shift and has responded with extensive investments and developments in order to deliver leading mobile capabilities.  As a result, the bank is receiving strong recognition from clients in key satisfaction metrics. High client adoption rates and the ability to scale and handle large payments flows through mobile is delivering real value to the bank’s clients in one of their most challenging times.”

“Our single purpose is to deliver the best possible products and services to our clients so that they can focus on growing their business,” said Tom Durkin, global product head for CashPro in Global Transaction Services. “In 2021, we will continue to build on our momentum of investments to deliver greater data-driven capabilities and even more powerful digital experiences.”
 

Excellence Awards

Bank of America distinguished itself through quality of service and products in the following categories.

U.S. Large Corporate Banking:

  • Coordination of Product Specialists
  • Knowledge of Transaction Banking Needs
  • Ease of Doing Business
  • Quality of Advice
  • Helpfulness During COVID

U.S. Large Corporate Cash Management:

  • Domestic Product Capability
  • Ease of Doing Business
  • Quality of Advice

Greenwich Digital Rankings:

  • No. 1 in Digital Functionality
  • No. 1 in Digital Platform Design
  • No. 1 in Provides end to end digital process

Growth in CashPro app adoption and usage:

  • Growth of the mobile app for CashPro (as of January 20, 2021)
  • Active users have increased by 67% and sign-ins by 107% (rolling 12 months, Year over year)
  • The value of payment approvals increased by 67% to $175 billion (rolling 12 months, Year over year)
  • Number of checks deposited via the app was up 121%, and dollar volume increased by 145% (rolling 12 months, Year over year)

 

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 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.

“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2021 Bank of America Corporation. All rights reserved.

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www.bankofamerica.com

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Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com

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