North America's best digital bank 2018: Bank of America
Awards for Excellence 2018
Working out clever ways to allow customers to manage processes like payments and loan applications quickly and easily is a basic requirement of digital banking in 2018. But doing it in huge scale is complex and admirable, and all the more so when it meshes seamlessly with the human and physical side of the business. Bank of America has got all this right, making it North America’s best digital bank.
Bank of America’s digital bank alone would make it one of the bigger institutions in the country. The bank has some 10 million customers whose principal interaction with the bank is through mobile. In the first quarter of 2018, just over one quarter of new sales in BofA’s consumer bank were through digital channels, up from one fifth two years ago.
Apps are all very well for handling the drudgery of banking, moving money from one account to another or making a payment to an individual or a firm. But BofA now offers customers the ability to transact in a more complex way with the bank, to buy a car or a house, for example.