Bank of America watches digital engagement hit new record
Image courtesy of Bank of America.
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Bank of America pointed to three paths — artificial intelligence-driven solutions, global payments, and personalized financial planning tools — that propelled clients’ digital engagement with the institution to record levels last year.
This week, Bank of America announced its clients connected with their finances approximately 30 billion times last year through a combination of digital logins and proactive alerts, marking a 14% year-over-year increase.
“Our industry-leading digital capabilities are a cornerstone of how we serve and deepen relationships with our clients and empower millions to manage their finances easily, conveniently and safely,” said Nikki Katz, who is head of digital at Bank of America.
The bank elaborated more its digital increases, including:
—Client digital interactions included 16.6 billion logins last year — up 15% year-over-year — and 13.3 billion alerts sent, up 12%, both record totals. The number of alert subscribers grew to more than 38 million.
—Digital engagement continues to rise across multiple client segments, including 81% of consumer and small business households, 86% of wealth management clients, and 86% of global banking clients now engaging with Bank of America digital channels.
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Along with the increased engagement across all businesses, Bank of America said client satisfaction with its digital offerings is at an all-time high with 86% of clients rating their digital experience at least a 9 out of 10.
Erica, the bank’s AI-powered virtual financial assistant, is helping clients manage their daily finances with proactive, personalized guidance.
Last year, 20.6 million users interacted with Erica nearly 700 million times. Since Erica’s launch in 2018, total client interactions have surpassed 3.2 billion.
“We use innovative technology to meet and anticipate the needs of our clients,” Katz said. “By understanding how their behaviors are changing, and what they’re trying to achieve, we can advance our digital and AI capabilities to deliver personalized insights and proactive advice.”
