BofA Receives Top Rankings in Digital, Corporate Banking and Cash Management from Crisil Coalition Greenwich

Rhea-AI Summary

Bank of America (BAC) has received top rankings in Crisil Coalition Greenwich's 2024 Digital Transformation Benchmarking Study, particularly for its CashPro digital banking platform which serves over 40,000 corporate and commercial clients globally. The bank secured multiple No. 1 rankings in Digital Channels, including its Mobile Application and TMS & ERP Integrations.

The bank achieved leading positions in Payments & Treasury Management, maintaining its top spot in Analytics & Insights for the third consecutive year. BAC was also recognized as a Share Leader in Corporate Cash Management and Corporate Banking Market Penetration in the U.S., and received 'Best Bank' awards in multiple categories including Corporate Banking, Digital Services, and Capital Markets.

CashPro's platform enables clients to manage treasury, trade and credit operations, highlighting BAC's commitment to digital innovation and client experience enhancement.

Positive

• Maintained #1 ranking in Digital Channels for third consecutive year
• Leading market position in Corporate Cash Management and Banking in the U.S.
• Strong digital presence with 58 million verified digital users
• Extensive client reach with 69 million consumer and small business clients
• Comprehensive network of 3,700 retail centers and 15,000 ATMs

Negative

• None.

Insights

Digital Banking and Financial Services Analyst

Bank of America's sweeping dominance in Crisil Coalition Greenwich's rankings represents a significant competitive moat in digital banking and corporate services. The CashPro platform's reach of 40,000+ corporate and commercial clients translates into substantial recurring revenue streams and deep client relationships that are difficult for competitors to displace.

The bank's consistent #1 rankings across multiple categories for three consecutive years - particularly in Digital Channels, Mobile Applications and TMS & ERP Integrations - indicate more than just technological superiority. This sustained leadership suggests successful execution of a long-term digital transformation strategy that's creating tangible value for corporate clients while building high switching costs.

The top rankings in Analytics & Insights and Data Structure categories are particularly noteworthy as they align with two critical trends in corporate banking: 1) The growing demand for data-driven treasury management solutions 2) The increasing importance of seamless system integration for large corporate clients. These capabilities typically command premium pricing and drive higher client retention rates.

The comprehensive recognition across Corporate Banking, Cash Management and Capital Markets services indicates successful cross-selling opportunities and deeper wallet share with corporate clients. This multi-product relationship approach typically results in higher profitability per client and creates a more resilient revenue base.

The simultaneous leadership in both technological capabilities and traditional banking services suggests BAC has successfully balanced digital innovation with maintaining core banking strengths - a combination that positions the bank favorably for future market share gains in the highly competitive corporate banking sector.

Investments in CashPro® Drive Number 1 Rankings in the Digital Transformation Benchmarking Study

Company Named Best Bank for Innovation and Ease of Doing Business Among Other Categories in the Corporate Banking Awards

NEW YORK and LONDON and SINGAPORE, Feb. 7, 2025 /PRNewswire/ -- Bank of America's commitment to digital innovation that enhances client experiences has been recognized by Crisil Coalition Greenwich in its 2024 Digital Transformation Benchmarking Study in which the bank received numerous No. 1 rankings. CashPro is the company's digital banking platform accessed by more than 40,000 corporate and commercial clients around the world to manage their treasury, trade and credit operations and perform self-service requests.

The company was also named Best Bank in several Corporate Banking, Cash Management and Capital Markets categories in the 2025 Crisil Coalition Greenwich Awards.

Commenting on the Digital Transformation Benchmarking Study, Tom Durkin, Global Product Head of CashPro in Global Payments Solutions at Bank of America said, "These top rankings reflect our single-minded focus on working to deliver the best possible experience for our clients – whether that's enabling them to do more on their mobile device, enhancing connectivity through our network of TMS and ERP providers, or providing them with leading insights from their own data. We continue to innovate and strive to exceed our clients' expectations."

"We are honored to be consistently recognized as a share leader in the corporate banking space where we continue to invest in our clients through robust market leadership and holistic solutions to help our clients succeed," said Lisa Clyde, head of Global Corporate Banking and Leasing at Bank of America.

"The CashPro team's focused approach to data, insights, and reporting continues to drive an outstanding digital experience for clients. Bank of America is paving the way for innovation, especially in TMS and ERP integration, which is a critical enabler of customer service and client success," said Chris McDonnell, Head of Commercial and Digital Banking Analytics at Crisil Coalition Greenwich.

Highlights of Bank of America's rankings in the Digital Transformation Benchmarking Study:

Digital Channels

• No. 1 (tied) score for overall leadership in Digital Channels for the third consecutive year, with the bank being the sole leader in 2023 and 2022
• No. 1 score for its Mobile Application (CashPro App) for the third consecutive year
• No. 1 score for TMS & ERP Integrations¹
• No. 1 scores for Online Portal Product Capabilities and (tied) Online Portal Design, both for the third consecutive year

Payments & Treasury Management

• No. 1 score for Analytics & Insights for the third consecutive year
• No. 1 score for Data Structure, Organization, & Integration, up from 2^nd place last year
• No. 1 score for Merchant & Card Services for the second consecutive year (tied last year)
• No. 1 (tied) score for Transactional Foreign Exchange for the second consecutive year

Recognition of Bank of America's leadership in cash management and corporate banking included:

Cash Management

• Share Leader in Corporate Cash Management Market Penetration in the U.S.
• Best Bank for Corporate Cash Management in the U.S. and the United Kingdom
• Best Bank for Cash Management Sales Specialist for Corporates in the U.S.

Corporate Banking

• Share Leader in Corporate Banking Market Penetration in the U.S.
• Best Bank for Corporate Banking in the U.S.
• Best Bank for Coverage of Corporates in the U.S.

Service/Digital – Best Bank

• Best Bank for Ease of Doing Business for Corporates in the U.S. and in Europe
• Best Bank for Digital for Corporates in the U.S.
• Best Bank for Innovation for Corporates in the U.S.

Capital Markets

• Best Bank for Foreign Exchange Sales for Corporates in the U.S.
• Best Bank for Foreign Exchange Service for Corporates in the U.S.
• Best Bank for Foreign Exchange Trading for Corporates in the U.S.

Crisil Coalition Greenwich is a leading provider of strategic benchmarking, analytics and data intelligence to the financial services and investment industries. They specialize in providing unique, high-value and actionable information to help banks make better business decisions.

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 69 million consumer and small business clients with 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 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 4 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).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact:

Louise Hennessy, Bank of America
Phone: 646-858-6471
Louise.hennessy@bofa.com

¹ Treasury Management Systems and Enterprise Resource Planning

View original content to download multimedia:https://www.prnewswire.com/news-releases/bofa-receives-top-rankings-in-digital-corporate-banking-and-cash-management-from-crisil-coalition-greenwich-302371307.html

SOURCE Bank of America Corporation

FAQ

What rankings did Bank of America (BAC) receive in the 2024 Digital Transformation Benchmarking Study?

BAC received No. 1 rankings in multiple categories including Digital Channels, Mobile Application (CashPro App), TMS & ERP Integrations, and Analytics & Insights.

How many clients use Bank of America's CashPro platform?

More than 40,000 corporate and commercial clients worldwide use BAC's CashPro platform to manage their treasury, trade and credit operations.

What is BAC's current digital banking user base in 2025?

Bank of America has approximately 58 million verified digital users.

What awards did BAC receive in Corporate Banking and Cash Management?

BAC was named Share Leader in Corporate Banking Market Penetration in the U.S., Best Bank for Corporate Banking in the U.S., and Best Bank for Corporate Cash Management in the U.S. and UK.

How many retail financial centers and ATMs does BAC operate?

Bank of America operates 3,700 retail financial centers and approximately 15,000 ATMs.