PR Newswire
CHARLOTTE, N.C., Aug. 25, 2022
During period of economic uncertainty, consumer, wealth management and business clients leverage digital platforms in record numbers
CHARLOTTE, N.C., Aug. 25, 2022 /PRNewswire/ — Bank of America clients are increasingly relying on the company’s award-winning digital solutions to manage their finances. Clients logged into the company’s digital platforms nearly 1 billion times in July, the highest month ever. This follows a record 2.8 billion digital logins in the second quarter, up 11% year-over-year. Today, the company has a record 55 million verified digital clients, up 5% year-over-year. 
"No matter what the environment, we’re ensuring that our clients have efficient, reliable and easy-to-use digital solutions to navigate their finances today, and to help them plan for tomorrow," said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. "Our commitment to and ongoing investment in best-in-class financial technology, along with a culture of innovation, allows us to deliver an integrated and individualized client experience, and solutions that are timely, relevant and secure."
More than 72% of Bank of America households are actively using digital channels for more of their day-to-day needs and to plan for what’s ahead.
Clients are increasingly using Bank of America digital capabilities to save time and money:
Digital engagement by Merrill and Private Bank clients has also reached an all-time high, with 82% of wealth management clients now digitally active.
Businesses are using digital channels to conduct financial operations and engage with customers, including 76% of Bank of America Business Banking, Global Commercial Banking and Global Corporate Investment Banking business clients, and 87% of Small Business clients.
Many of the digital capabilities available to mid-sized and large corporate clients are delivered through the bank’s proprietary CashPro® platform, which companies use to manage their loans, deposits, payments, receivables, trade finance and reporting:
In 2022, Bank of America has launched Virtual Account Management in the U.S., ACH Positive Pay on the CashPro App, Pay by Bank and CashPro Forecasting to further help clients manage their businesses digitally.
More information on how Bank of America clients are engaging with digital banking is available in the bank’s quarterly Trends in Digital fact sheet.
Recent awards and recognition
Bank of America continues to lead the industry in digital, as seen through more than 80 industry awards and accolades received so far in 2022, including:
Download the Bank of America app or visit bankofamerica.com.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Bank of America Life Plan is a registered trademark of the Bank of America Corporation.
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC, and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
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Bank of America, Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill"), makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
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Reporters May Contact:
Matt Card, Bank of America
Phone: 202.579.6879
[email protected]
Andy Aldridge, Bank of America
Phone: 980.387.0514
[email protected]
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SOURCE Bank of America Corporation
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