North America’s Best Digital Bank: Bank of America
There are many banks that have extensive and expanding digital offerings. But one bank makes digital innovation and excellence an intrinsic part of how it interacts with its clients year after year. For its continued excellence in deploying powerfully effective solutions across its franchise, Bank of America is North America’s best digital bank.
It is hardly surprising that the bank knows what it’s doing when it comes to digital: it has more than 57 million verified digital users, with 46.3 million of those classed as active, up 5% year on year.
That adds up to a lot of interactions each year. It is perhaps more surprising that Bank of America actually counts all of them – 23.4 billion in 2023, a record for the firm. Logins were up 11% to 12.8 billion, another record.
“We’re continuously delivering unmatched financial technology that helps make our clients’ lives better and allows them to focus on things that really matter,” says David Tyrie, Bank of America’s chief digital officer and chief marketing officer.
The bank spends $12 billion a year on making that happen. Most of that is for keeping existing systems running, but some $3.8 billion is set aside for new initiatives. Patents are a source of some pride at Bank of America; and it now has about 4,500 of those, up 70% in the last five years.
It’s easy to be flippant about a bank bringing customers along on the technology journey, but at Bank of America clients really are an integral part of how development happens. Thousands of them – 25,000 in 2023 – are involved in testing and consulting on new platforms and products.
Nowhere does digital technology do quite as much heavy lifting as in the world of payments. Bank of America’s digital platforms hosted more than $2.1 trillion of payments in 2023, a 5% increase on 2022 and another record.
The bank is constantly making it easier for clients to add to that volume. The latest way is through the bank’s online payments and transfers hub, which is available through their mobile or online banking accounts and shows the status of all payments being made or received. Customers can make the payment seamlessly from their Merrill investment and wealth management account if they want to, even if they are using their Bank of America app.
At Bank of America, clients really are an integral part of how development happens. Thousands of them – 25,000 in 2023 – are involved in testing and consulting
David Tyrie
Zelle, the digital payments network that is owned by a consortium of big US banks including Bank of America, continues to attract more activity every year. In 2023 Bank of America clients topped the one billion transaction mark in Zelle for the first time, and by some margin, hitting 1.24 billion.
Since early 2023, customers can initiate wire transfers via mobile banking from their personal or business account 24 hours a day and get immediate confirmation of the transaction. They can also cancel international transfers for 30 minutes after initiating them.
The private bank is no slouch either: its clients racked up 4.6 million mobile check deposits and digital wallet and Zelle transactions in 2023, up 33% year on year.
All of this is underpinned by the stalwarts of Bank of America’s digital platforms, its Erica virtual assistant and its CashPro relationship management portal for business customers. CashPro saw yet more upgrades in 2023, while Erica sees ever more engagement as customers become more comfortable with interacting with artificial intelligence-driven assistants in their day-to-day lives. Engagement doubled in 2023.
