Awards for Excellence 2019
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For the second year running, Euromoney has chosen Bank of America as North America’s best digital bank.
“We want customers to feel the experience was in their best interest, that the interaction was relevant and timely, and to feel that they had a choice of next best step,” says David Tyrie, head of advanced solutions and digital banking for consumer banking.
Those are big aims when eight billion digital interactions are taking place in a year, but investments by the bank in its technology platforms have made it possible.
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David Tyrie |
In the consumer bank, digital assistant Erica, launched last year, assists customers with banking needs and lets them gather data on specific spending patterns, offering insights to help customers better manage cash flow and savings. It even catches unusual subscriptions or if auto-payments have increased.
Applying for auto loans, student accounts and mortgages can now be done easily digitally – or through a person. It is clearly what customers want. More than a quarter of Bank of America mortgage applications are now sourced digitally.
The My Merrill app also got an upgrade last year, allowing users to access seven years of accounts and statements, and to scan and send secure documents.
Small business clients are now offered insights through the launch of Business Advantage 360 this year, which helps Bank of America’s nine million small business clients manage their cash flows in real time across devices.
Over the last year, the bank has also invested in digital and mobile banking for corporates. A digital token can now be used instead of a physical one, and clients can upload documents and use e-signatures – reducing processing time from four days to four hours.
In equity capital markets, the bank has created Bank of America Merrill Lynch Predictive Intelligence Analytics Machine – a deal prediction system to help maximize demand for IPOs and other ECM transactions.
