Bank of America Wins the Celent Model Bank of the Year Award

April 24, 2018 at 3:57 PM Eastern

Bank of America was named today as Celent’s 2018 Model Bank of the Year. Celent is a global research and advisory firm for the financial services industry.

Celent’s annual award program recognizes financial institutions as “model banks” for their outstanding technology initiatives, which must demonstrate clear business benefits, innovation, and technology or implementation excellence.

“We are proud that our customer-focused innovation earned Bank of America recognition as Celent’s 2018 Model Bank of the Year,” said Aditya Bhasin, Consumer and Wealth Management Technology executive for Bank of America. “With a unique high-tech, high-touch approach to financial services, Bank of America is helping our clients live better financial lives – through technology when they want it and direct interaction when they need it.”

Celent recognized Bank of America for the various innovations across its lines of business, including:

  • Digital spending and budgeting tools that enable better financial wellness.
  • High-tech connections that deliver a better high-touch, human experience at financial centers.
  • Expansion of mobile wallet options for its nearly 36 million digital customers with the integration of Fitbit Pay.
  • A single customer relationship management (CRM) platform that brings the bank’s four retail lines of business together to improve customer experience.
  • Locking in foreign exchange rates in Bank of America Merrill Lynch’s payments channels for up to 90 days.
  • A patented solution for the automation of regulatory reporting verification.

“These initiatives are just a representative sample of the innovation occurring across the company,” said Daniel W. Latimore, Senior Vice President of banking at Celent. “Bank of America has embarked on a wide-ranging series of initiatives across the bank — from the core retail franchise, to small business, to large corporates — to design products and services that better meet the needs of its customers.

Bhasin accepted the award on behalf of Bank of America at Celent’s Innovation and Insight Day in Boston. 

Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. The firm 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

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 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including approximately 25 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 owners 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 (NYSE: BAC) is listed on the New York Stock Exchange.

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Reporters May Contact:
Jumana Bauwens, Bank of America
Phone: 1.213.345.9134