Digital Engagement Soars at Bank of America to More Than 10 Billion Logins, up 15% Year-Over-Year
Bank of America added more than 2 million active digital clients last year, a single-year record, with its total number of verified digital users reaching more than 54 million. The bank’s clients logged in to its digital platforms a record 10.5 billion times in 2021, a year-over-year increase of 15%.
“Now more than ever, consumers and businesses depend on digital, and Bank of America continues to deliver efficient, safe and reliable digital financial solutions,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “Our digital capabilities allow our clients to easily manage every aspect of their financial lives across banking, investing, lending and retirement, with access to advice and guidance from our financial professionals and through our financial centers when they need it.”
As of January 2022, the bank has 16 million active Zelle® users – including small businesses – with clients sending more Zelle transactions than physical checks written in 2021 – 514 million compared to 453 million, respectively. Today, 86% of deposits are made through digital or ATM channels. Small business digital sales are nearly 300% above pre-2020 levels, and digital sales account for nearly 50% of total sales. Erica® engaged with clients for approximately 2.2 million hours in 2021. Clients can’t stop banking and are engaging with the bank’s full suite of capabilities:
“Clients expect financial solutions that are timely, relevant and secure,” said Tyrie. “At Bank of America, we will continue to be at the forefront of innovation, leveraging best-in-class technology to support our clients through integrated and individualized capabilities to meet all of their financial needs.”
More information on how Bank of America clients are engaging with digital is available in the bank’s quarterly Trends in Digital fact sheet.
Bank of America’s digital leadership continues to be recognized throughout the industry, receiving more than 100 accolades in 2021 and already receiving top honors in 2022, most recently a No. 1 ranking from Barlow for small business online and mobile adoption. Bank of America has also been recognized recently as the Best Digital Bank by The Digital Banker in the Retail Banking Innovation Awards, and No. 1 on Keynova’s Online Banking Scorecard for the 26th consecutive time. Merrill Edge was also recognized as Best Online Stock Broker for Beginners by Bankrate. Additional awards in 2022 and during Q4 2021 include:
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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 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 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.
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
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Andy Aldridge, Bank of America