70% of Bank of America Clients Engaging Digitally for More of Their Financial Needs

Rhea-AI Summary

Bank of America reported significant digital engagement in 2020, with 39 million digital clients and 31 million active mobile users. The bank saw a 14% increase in clients scheduling appointments digitally, alongside a surge in automated deposits to 84%. Key digital tools like Erica and Zelle gained popularity, with Erica's user base growing 67% to over 17 million. The Life Plan feature attracted over 2.3 million users, while 81% of small business clients became digitally active. Overall, digital sales accounted for 42% of consumer sales, highlighting the bank's focus on enhancing digital capabilities.

Positive

• 39 million digital clients and 31 million active mobile users reported.
• 84% of deposits made through digital channels, up from 78% the previous year.
• 42% of total consumer sales conducted digitally, an increase from 30% in 2019.
• 67% year-over-year increase in Erica users, reaching over 17 million.
• Life Plan tool created 2.3 million plans since its launch.
• 81% of small business clients are now digitally active.

Negative

• None.

Last year, more and more people relied on digital connections and capabilities to manage multiple aspects of their daily lives. Through it all, Bank of America made it easy, convenient and secure for its clients to manage their finances through high-tech and high-touch channels.

“This past year digital capabilities were more important than ever to our clients,” said David Tyrie, head of digital at Bank of America. “Our investments in mobile and online channels over the last 10 years, along with new and enhanced capabilities introduced throughout last year, enabled us to deliver more personalized experiences for each client through a balance of digital and in-person tools and services across their entire relationship with us.”

Bank of America saw record levels of digital engagement among new and existing clients last year. The company’s 39 million digital clients, including 31 million active mobile users, increasingly adopted key features within its mobile and online platforms – including mobile check deposits and digital lending applications, Erica®, Zelle®, Life Plan® and CashPro®.

• Surge in digital engagement – Today, approximately 70% of Bank of America consumer client households and small business clients and 77% wealth management client households are digitally active. Bank of America clients deposited 160 million checks using the mobile banking app in 2020. Last year, 84% of deposits were made through the company’s automated channels (mobile, online and ATMs), up from 78% the prior year. Digital sales accounted for 42% of total consumer sales last year, up from 30% in 2019. Furthermore, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019. Challenges faced by clients last year also led many more to digitally schedule appointments, with 2.6 million arranging in-person and virtual appointments, a 14% increase year over year. Since April 2020, 25% of financial center traffic was driven by the company’s Bank by Appointment capability.
• Virtual assistant becomes core to serving clients – Last year, 7 million clients used Erica for the first time. Launched in June 2018, Bank of America’s AI-driven virtual financial assistant now has more than 17 million total users, a year-over-year increase of 67% in 2020, and has helped clients with over 230 million requests. At the onset of the pandemic, Erica was trained to understand over 60,000 coronavirus-related terms and questions. More than half (58%) of all Erica interactions to date took place in 2020 alone, with 135 million client requests completed last year.
• Significant growth in peer-to-peer payments – 13 million Bank of America clients are now active Zelle users, including small businesses, a 33% increase year-over-year. These clients sent and received more than 517 million transactions in 2020 totaling $141 billion, a year-over-year increase of 71% and 80% respectively.
• Helping clients plan for what is most important to them – Bank of America’s latest digital experience, Life Plan, is one of the most rapidly-adopted offerings in the company’s history. With Life Plan, clients can set and track near- and long-term goals based on their life priorities, and better understand and act on steps toward achieving them. Since launching nationally in the fall of 2020, more than 2.3 million Life Plans have been created by clients within the Bank of America mobile app and online banking platform. Available in both English and Spanish, Life Plan can be used when meeting with the company’s financial professionals, either virtually or in person, enabling clients to have conversations about their life priorities.
• More businesses using digital to manage and grow their companies – In 2020, clients increasingly turned to digital tools to more easily and conveniently manage and grow their businesses. Four out of five (81%) small business clients are now digitally active, and sales of products and solutions through digital channels increased to 24% last year, up from 10% in 2019. More than 500,000 commercial, corporate and business banking clients use CashPro, a complete digital banking platform to manage their payments, loans and liquidity. Last year, more than a million clients logged into their CashPro app, increasingly using their mobile device to authorize payments and deposit checks. Additionally, companies are increasingly adopting Application Programming Interfaces (APIs) as more realize their advantages, from immed

FAQ

What digital achievements did Bank of America report in 2020?

Bank of America reported 39 million digital clients and a 14% increase in digital appointment scheduling.

How did digital sales perform for Bank of America in 2020?

Digital sales accounted for 42% of total consumer sales, up from 30% in 2019.

What is the growth in usage of Erica at Bank of America?

Erica's user base grew by 67% to more than 17 million in 2020.

How many clients utilized Zelle in 2020?

13 million Bank of America clients used Zelle, representing a 33% increase year-over-year.

What is Life Plan, and how many users has it attracted?

Life Plan has attracted over 2.3 million users since its launch in late 2020.