Continued Investments in Physical and Digital Enhancements for 67 Million Clients
Bank of America continues to make significant investments in new solutions and capabilities to help make clients’ financial lives better.
The latest enhancements are part of the bank’s long-term strategy focused on high-tech, high-touch innovations that advance the client experience and help clients meet their financial goals.
“Our high-tech and high-touch approach means our team is able to help clients with their financial needs throughout their lifetimes and deliver extraordinary client care at all times, no matter how they choose to do their banking,” said Dean Athanasia, co-head of Consumer and Small Business at Bank of America.
Bank of America’s plans include opening more than 500 new financial centers across its nationwide footprint over the next four years, including the latest move to enter the state of Ohio to offer retail banking services in Cincinnati, Cleveland and Columbus, where it already has a long history of serving clients. The company currently provides commercial and business banking, as well as wealth management services through Merrill Lynch® to more than 775,000 relationships across Ohio. The growth in this state follows recent similar expansions into Denver, Minneapolis and Indianapolis; Bank of America recently announced future plans to expand in Pittsburgh, as well.
In addition to the new financial centers, Bank of America plans to redesign more than 1,500 financial centers with new technology, furnishings and layouts, and add more than 5,400 certified professionals to better meet client priorities and connect to their diverse needs. As part of this plan, the bank has already completed 620 renovations and opened more than 160 new financial centers, including 13 high-technology Advanced Centers it began piloting in 2017.
While clients are increasingly turning to the bank’s digital tools for day-to-day needs, close to 1 million clients visit financial centers every day as a destination for:
Guidance and advice from financial professionals: More than 2,300 advisors, 2,100 small business professionals, and 2,150 loan officers help clients achieve their life priorities and meet their immediate needs during critical life events. Clients also have access to Better Money Habits®, a free financial education platform with easy-to-understand information and tools to navigate personal finances.
Interactive tools, digital experts and technology bars: More than 3,500 Digital Ambassadors are located in financial centers to assist clients with the bank’s latest digital capabilities. Nearly 600 financial centers have a dedicated learning space with interactive tools that allow clients to learn about and demo the bank’s offerings.
With approximately 35 million digital clients, digital banking continues to be a critical component of Bank of America’s high-tech, high-touch client experience. A number of industry-leading solutions currently available to Bank of America employees will begin rolling out to clients, including:
Erica – Bank of America clients will begin to meet Erica, the bank’s virtual financial assistant, in March. Available in the mobile banking app, Erica is able to assist with everyday tasks, such as accessing balance information, transferring money between accounts, sending money with Zelle®, navigating the app and much more.
Digital mortgage experience – Beginning in April, clients can complete a mortgage application within the bank’s industry-leading mobile app. This guided experience will save clients valuable time by pre-populating their information. It also integrates with the bank’s Home Loan Navigator®, which allows clients to track their loan 24/7, upload documents, and review and acknowledge disclosures right on their mobile device.
Mobile car shopping tool – As of last week, all Bank of America clients now have access to its mobile car shopping tool. The integrated shopping and financing experience allows users to select new or used cars from participating dealerships, estimate their monthly payment and apply for a loan on the specific car selected prior to their dealer visit, all in one place. Since its launch in May 2017, 50 percent of retail auto loan applications are now opened digitally and digital applications have increased more than seven times.
Business Advantage – Bank of America continues to improve the capabilities available to its more than 3 million small business clients. Last year, Bank of America introduced an industry-leading digital lending experience for clients to apply for a Business Advantage Term Loan or Credit Line, and additional updates are planned this year.
MyRewards hub – Launching this summer, the MyRewards digital hub will allow clients to easily access and redeem rewards across all products in one place, including any Bank of America credit card, BankAmeriDeals® and Preferred Rewards. The site will also provide easy-to-understand information on how clients can earn even more rewards.
Merrill Edge® – Bank of America provides clients with access to Merrill Edge, which continues to expand its leading wealth management platform both digitally and in financial centers. Focused on providing world-class investment insights that align with clients’ life priorities, Merrill Edge recently launched Merrill Edge Guided Investing (MEGI) and Stock Story, which provides clients with easy-to-understand equity research.
“We continue to deploy significant resources to meet the changing needs of an expanding client base, providing access to capabilities and financial professionals who will offer solutions aligned with our clients’ priorities,” added Thong Nguyen, co-head of Consumer and Small Business at 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 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 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 in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Betty Riess, Bank of America