Mon, 01 February 2021 | banking digital
Bank of America saw record levels of digital engagement among new and existing clients last year. The company’s 39 million digital clients, including 31 million active mobile users, increasingly adopted key features within its mobile and online platforms – including mobile check deposits and digital lending applications, Erica®, Zelle®, Life Plan® and CashPro®.
The financial services company has seen a surge in digital engagement. Today, approximately 70% of Bank of America consumer client households and small business clients and 77% wealth management client households are digitally active. Bank of America clients deposited 160 million checks using the mobile banking app in 2020. Last year, 84% of deposits were made through the company’s automated channels (mobile, online and ATMs), up from 78% the prior year. Digital sales accounted for 42% of total consumer sales last year, up from 30% in 2019. Furthermore, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019. Challenges faced by clients last year also led many more to digitally schedule appointments, with 2.6 million arranging in-person and virtual appointments, a 14% increase year over year. Since April 2020, 25% of financial center traffic was driven by the company’s Bank by Appointment capability.
In addition, clients are increasingly accepting the bank's virtual assisant, dubbed Erica, to assist them with their banking needs, with 7 million clients using Erica for the first time in 2020. Launched in June 2018, the AI-driven virtual financial assistant now has more than 17 million total users, a year-over-year increase of 67% in 2020, and has helped clients with over 230 million requests. At the onset of the pandemic, Erica was trained to understand over 60,000 coronavirus-related terms and questions. More than half (58%) of all Erica interactions to date took place in 2020 alone, with 135 million client requests completed last year.
The bank is also offering financial planning as a digital experience. Life Plan, is one of the most rapidly-adopted offerings in the company’s history. With Life Plan, clients can set and track near- and long-term goals based on their life priorities, and better understand and act on steps toward achieving them. Since launching nationally in the fall of 2020, more than 2.3 million Life Plans have been created by clients within the Bank of America mobile app and online banking platform. Available in both English and Spanish, Life Plan can be used when meeting with the company’s financial professionals, either virtually or in person, enabling clients to have conversations about their life priorities.
Source: Bank of America