Bank of America Corporation - BAC STOCK NEWS

Bank of America has launched an enhanced global Virtual Account Management (VAM) solution after multi-year investments, aimed at simplifying cash management complexities for treasurers. The new features include a single global view across 30+ currencies, flexibility through its CashPro platform, and easy digital account transitions. Currently available in the UK, Ireland, and Netherlands, the VAM solution will roll out to more regions in 2021 and beyond, enhancing clients' treasury operations.

Bank of America announces that over three million clients now utilize its SafeBalance Banking account, which has seen a 40% growth over the last year. The account targets financial management, eliminating overdraft fees. More than 100,000 clients have accessed the new Balance Assist loan service since its national rollout. Additionally, the Balance Connect overdraft protection feature enhances client financial management by allowing fund transfers across accounts. The bank continues to innovate, serving 66 million clients with advanced digital offerings.

Bank of America announced the upcoming retirements of Anne Finucane, Vice Chairman, and Thomas Montag, Chief Operating Officer, effective end of 2021. Both have played pivotal roles in the bank’s recovery post-financial crisis, enhancing its brand and market share. Finucane will transition to a non-executive position at Bank of America Europe, while Montag will continue with the Global Advisory Council. Their leadership contributed to nearly $38 billion in revenue in 2020 and significant growth in sustainable finance initiatives.

Bank of America announced a record-breaking achievement with 227 patents granted in the first half of 2021, marking a 23% increase from the previous year. This achievement highlights the bank's commitment to innovation in areas like artificial intelligence, machine learning, and mobile banking. Despite 85% of its workforce working from home during the pandemic, the bank filed 403 patents, ranking 108th among U.S. companies for patents. Its portfolio now includes nearly 5,000 patents, showcasing a robust culture of innovation led by about 6,000 inventors globally.

New research by Bank of America reveals that 72% of Hispanic millennials are financially supporting their families, significantly more than their non-Hispanic peers (53%). The pandemic has negatively affected their savings habits, with 45% contributing less than $1,000 to savings. Despite these challenges, 51% remain optimistic about their financial future. The survey shows that family support is a priority, with Hispanic millennials more likely to feel a financial responsibility for loved ones. Additionally, caregiving burdens disproportionately impact Hispanic millennial women.

Bank of America reports growth in digital engagement, with 85% of deposit transactions conducted through automated channels. In Q2, nearly 48 million checks were digitally deposited. Over 70% of clients use digital services, including more than 4.4 million engaging with the Life Plan feature. Digital banking transactions surged with a record 871,000 appointments made online. Notable growth in Zelle usage with 189 million transfers worth $56.5 billion in Q2. The bank received various awards for its digital services, highlighting its strong market position and customer satisfaction.

Bank of America has introduced the Executive Explorer commercial credit card, designed for business travelers and executives, featuring extensive travel perks and insurance coverage. The card offers statement credits for expedited airport clearance and access to over 1,500 airline lounges. Additionally, the Global Card Access app has been launched, allowing cardholders to manage their accounts via mobile, enhancing convenience with features like biometric login and card locking. This service is available to corporate clients in North America, Europe, and Asia, emphasizing Bank of America’s commitment to supporting business travel.

Bank of America Charitable Foundation has granted $1 million to support the construction of the RedBird Health Center in southern Dallas County. This facility will offer essential preventive health services to the local community upon its opening in September 2021. The center aims to address significant healthcare access disparities, providing critical services such as primary care, specialty care for women, and telehealth options. With a projected capacity of 18,000 preventive visits and 23,000 women's health visits annually, this initiative seeks to enhance health outcomes for the area's underserved populations.