Celent Names BofA a Leader in Innovation, Personalization and Operational Excellence
CHARLOTTE, NC – Bank of America announced today it has been recognized by Celent, a global research and advisory firm for the financial services industry, with the following:
Celent’s annual award program recognizes financial institutions as ‘model banks’ for their outstanding technology initiatives. Winning initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.1
CashPro, Bank of America’s leading digital banking platform serving clients across 6 of 8 lines of business, was recognized by Celent as a market leader among global transaction bank offerings. CashPro is used by more than 500,000 users across the globe and provides access to banking services via mobile app, API, online and bank-to-client connectivity.
In 2022, Bank of America delivered a series of new capabilities backed by user input that simplify access to CashPro, help clients manage liquidity more effectively, and execute payments more simply and efficiently. Notably:
“When it comes to product innovation, our clients’ needs are at the forefront,” said Tom Durkin, Global Product Head for the CashPro Platform in Global Transaction Services at Bank of America. “We are continuously innovating, with direct input from clients, to deliver capabilities that enable better and faster decision-making, improve process automation, and provide simpler consumer-like experiences.”
“The Model Bank Awards recognize how banks are using technology to change the face of banking,” said Colin Kerr, Principal Analyst at Celent. “Bank of America clearly demonstrated itself as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact on business results and the industry overall.”
Merrill Advisor Match is a research-based, digital tool that revolutionizes how people find and connect with financial advisors that best fit their needs. Recognized in the Model Wealth Manger Personalization category, Merrill Advisor Match offers a modern approach to finding an advisor and increases access to advice by demystifying the process through a digital experience.
Merrill’s Collaborative Onboarding Experience (COBE) was also recognized by Celent for fully digitizing the account opening process. COBE offers clients a convenient and modern experience by removing the physical paperwork and significantly reducing the time it takes to open accounts. Since its launch in 2021, the platform has been quickly adopted by advisor teams and today 60% of eligible accounts are opened digitally. Engagement has more than doubled on the platform in the past year.
“Digital is a key component of our modern Merrill strategy. We're constantly innovating to create a world-class digital experience for our clients and advisors," said Kirstin Hill, Chief Operating Officer of Merrill Wealth Management.
Bank of America’s Virtual On-Watch (VOW), a system that has transformed triage management at the bank, was recognized by Celent for its best practices and use of technology in operational risk management. Since its innovation, overall triage initiation time was reduced to less than 2 minutes from 15-17 minutes. These time savings increase the team’s productivity while maintaining process quality and reducing risk.
“Virtual On-Watch focuses in on one of the most important drivers of client satisfaction – speed of resolution,” said Ian Watson, Celent’s Research Director for Risk. “We awarded Bank of America the Model Risk Manager award because of this client focus”.
Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.
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 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 56 million verified digital 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
Louise Hennessy, Bank of America
Julia Ehrenfeld, Bank of America
Catherine Page, Bank of America