Banking Fintech News

85% of Deposits Now Made Digitally at Bank of America as Growth in Client Engagement with Digital Continues

85% of Deposits Now Made Digitally at Bank of America as Growth in Client Engagement with Digital Continues

Clients enjoy individualized experiences through digital, and the ease and convenience of managing their financial lives anywhere and anytime

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”

“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.

  • More than 4.4 million clients have engaged with Life Plan®, making it the company’s most rapidly adopted feature to date. All generations are engaging with Life Plan, particularly Millennials (43%), to set and track financial goals. Life Plan is also helping to deepen relationships, with assets among Bank of America households who use Life Plan having grown nearly 20% since its launch in late 2020.
  • More than 21 million clients have used Erica to complete more than 430 million interactions. Erica®, Bank of America’s AI-driven virtual financial assistant, which launched three years ago, is providing even more efficiency to clients. With Erica, 99% of clients are able to find the information that they need without needing a service call. In the first half of 2021, Erica completed 200 million interactions – more than double the interactions in the first 18 months after launch.
  • Bank of America clients used digital channels to schedule a record 871,000 appointments with financial specialists during the second quarter. This is up more than 31% year over year, and drove 31% of all financial center traffic between April and June.
  • Over 14 million Bank of America clients, including small businesses, use Zelle®Bank of America clients sent and received 189 million transfers worth $56.5 billion in Q2 alone, up 62% and 76% year-over-year respectively. Transaction volume across small business clients has increased 123% year-over-year as more businesses embrace digital convenience and security.
  • Wealth management clients have broadened the way they interact with their advisors, relying more on secure texting and virtual meetings. During the quarter, a record 77% of eligible checks were deposited through automated channels by Merrill Lynch Wealth Management clients, and 73% by Bank of America Private Bank clients, up from 75% and 69% respectively.
  • Digital now makes up 25% of small business sales, up from 19% last year. From small businesses to large corporations, companies also expect a compelling digital experience and are turning to these channels for more of their needs. Cash Flow Monitor users increased 34% year-over-year, and 77,000 small business clients accessed their credit score digitally since the feature became available in March 2021. Global Banking clients’ digital engagement is at record levels for mobile app sign-ins, payments through the mobile app, and electronic signature and document exchange. In fact, the highest month ever of CashPro® app downloads took place in June 2021, 16% higher than the 2021 monthly download average.

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