Bank of America’s performance in the small and medium-sized enterprise (SME) space in 2024 marked a standout year of innovation, execution and commitment to client needs. From client acquisition and digital engagement to international support and enhanced advisory capabilities, these are just some of the reasons why Euromoney has named Bank of America as the world’s best bank for SMEs.
In 2024, BofA’s global commercial banking (GCB) division achieved record-high client revenue, with loan volumes increasing by 4% year-on-year and deposit growth reaching 6%. GCB also recorded a 48% year-on-year rise in investment banking fees.
“Our team continues to help clients unlock opportunities by delivering tailored financial solutions, risk management and access to capital,” says Wendy Stewart, president of global commercial banking.
The second-best year on record for client acquisition underscored a deliberate focus on expanding its SME client base. According to Stewart, “digital engagement is now a fundamental part of how we attract and support new businesses. Clients want a bank that’s easy to do business with, both in person and digitally.”
Tangible impact through digital innovation
Bank of America’s strength in digital services continued to distinguish its SME offering. Around 86% of GCB clients were digitally active in 2024, a figure fuelled by innovations within its flagship platform, CashPro. “What really stood out was how we used data and digital tools to anticipate client needs and respond in real time,” explains Stewart.
CashPro supports clients across payments, liquidity, trade, foreign exchange and risk management. Clients approved more than $1 trillion in payments via the CashPro app in 2024 – a more than 30% increase compared to the previous year.
One of Bank of America’s lesser-known strengths lies in its internal culture of empowerment
A series of enhancements to the platform, including the integration of Erica, the bank’s AI-powered virtual assistant, significantly improved the client experience and enhanced the app’s intelligence. Erica helps clients track transactions, respond to alerts and receive predictive insights. Other updates include CashPro Search with Investigations, launched in July 2024, enables clients to track the status of payments across multiple accounts in real time, reducing the need for manual follow-ups and enabling quicker resolution of transaction issues. In parallel, CashPro Insights, a data intelligence module embedded in the platform, provides benchmark comparisons, fraud alerts and deposit forecasts, giving SMEs proactive control over their financial operations.
“Our digital tools aren’t just functional, they’re transformative,” highlights Stewart. “They allow us to take data and turn it into forecasts, insights and efficiency gains for our clients.”
API usage soared by 51% in 2024, driven by faster onboarding and integration with a network of 55 treasury management system and enterprise resource planning providers. Meanwhile, innovations in intelligent payables, virtual accounts and open account automation made it easier for SMEs to digitise operations without the need for significant technology investment.
A high-touch, high-expertise model
Bank of America’s SME strategy is built on a high-touch, high-expertise model. Relationship managers are embedded locally but backed by a global network of industry and product specialists.
“Clients want a banker who knows their industry and lives in their community – but also has access to global expertise,” Stewart notes. “We’re well positioned to deliver both.”
As SMEs explore international expansion, Bank of America provides end-to-end support. From managing foreign exchange and interest rate risk to advising on tariffs and supply chain diversification, the bank helps clients mitigate cross-border exposures with input from local experts in 15 countries.
New tools such as open account automation, automated supplier verification and direct connectivity with the China Treasury Information Processing System are helping SME clients navigate global markets more efficiently.
One of Bank of America’s lesser-known strengths lies in its internal culture of empowerment. Employees are encouraged to develop, test and scale ideas that directly address SME challenges. This entrepreneurial mindset is embedded in everything from how new CashPro features are piloted, to how bankers collaborate across geographies and industries to deliver custom solutions. The bank invests heavily in continuous learning, with its Relationship Manager Academy providing targeted training. Bank of America has the most granted patents – 7,400 – of any financial services company.
“We don’t just advise – we listen,” says Stewart. “That’s how we stay relevant to our clients’ needs.”
