85% of Deposits Now Made Digitally at Bank of America as Growth in Client Engagement with Digital Continues
Digital engagement continues to grow rapidly at Bank of America, with more clients making online and mobile primary channels for more of their banking and lending with Bank of America and investing with Merrill. Today 85% of deposit transactions are being made through the Bank of America app, ATMs and other automated channels – driven by nearly 48 million checks deposited digitally during the second quarter alone.
“We are delivering the best financial technology to help make our clients’ financial lives better,” said David Tyrie, head of digital at Bank of America. “To elevate each client’s digital journey across their entire relationship with us, we focus on their unique needs and aspirations so that we can deliver individualized digital experiences.”
As of the beginning of last month, more than 70% of Bank of America clients are actively using digital channels for more of their needs, including 72% of consumer and small business clients, 80% of wealth management clients across Merrill and Bank of America Private Bank, and 75% of global banking clients.
Bank of America’s digital leadership has been further solidified via various awards and recognitions throughout the first half of 2021, including No. 1 rankings from J.D. Power in customer satisfaction among national banks for both online banking and mobile banking apps. Most recently, Javelin Strategy & Research named Bank of America “Best in Class,” its highest honor, in both mobile and online banking for the fifth consecutive year. In addition, the company received Celent’s 2021 Model Bank award for Customer Engagement and 2021 Model Wealth Manager award for Emerging Technology; and Keynova Group ranked Bank of America No. 1 Overall in Online and Mobile Banking Functionality, and No. 1 in its digital scorecard for small businesses. Bank of America also received top ratings from Barlow’s 2021 Annual Report on Digital Business Banking, ranking No. 1 in both mobile adoption and desktop online banking test drive and No. 2 in online banking adoption and mobile banking test drive. Global Finance named Bank of America its Outstanding Financial Innovator – Global for 2021.
Last month, Bank of America announced that its wealth management businesses, including Merrill Lynch Wealth Management and Bank of America Private Bank, were recognized by three industry organizations for digital innovation and leadership including Aite Group, Professional Wealth Management and WealthManagement.com.
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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, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 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.
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Andy Aldridge, Bank of America