Brian Moynihan CEO of Bank of America | Bank of America
Brian Moynihan CEO of Bank of America | Bank of America
Digital interactions by Bank of America clients have increased by 12% over the past year, reaching a record 26 billion interactions. This growth combines digital logins and proactive alerts, enhancing experiences for more than 58 million verified digital clients.
A record number of 37.6 million clients, up 7% from the previous year, opted to receive proactive digital alerts, providing real-time financial insights. These clients received nearly 12 billion alerts in 2024, an increase of 11% compared to the previous year. The most common alerts provided information on account balances and virtual debit card usage.
Clients logged into their accounts 14.3 billion times last year to manage their finances, including a quarterly record of 3.9 billion logins in Q4, which is a rise of 16% from the previous year.
Interactions with Erica, Bank of America's AI-driven virtual financial assistant, reached 676 million last year. Since its launch, Erica has facilitated over 2.5 billion interactions.
"Digital is the centerpiece of our relationship-driven strategy," said Nikki Katz, head of digital at Bank of America. "Erica serves a dual role in our clients’ lives: a personal concierge and mission control for their finances."
Erica was used to assist clients affected by Hurricanes Helene and Milton and the Los Angeles wildfires by providing information about the Bank's Client Assistance Program.
Over six years, Erica's capabilities have expanded to support individual and corporate clients through platforms like Merrill and CashPro:
- Approximately 20 million clients have used Erica.
- More than half of corporate clients used CashPro Chat.
- Merrill client interactions with Erica increased by 13%.
- Private bank client interactions totaled 690,000 in 2024.
Clients increasingly use digital means for transactions:
- A record number of approximately three billion transactions were conducted digitally last year.
- Zelle adoption saw a significant increase with record transactions valued at $470 billion.
- Corporate payment approvals via CashPro App exceeded $1 trillion.
In terms of sales through digital channels, Bank of America achieved a new high with digital sales accounting for 55% in comparison to last year's figure.
Bank of America received nearly 250 accolades for its digital leadership in various categories throughout the industry in the past year.
The company continues to be recognized as one of the world’s leading financial institutions serving consumers globally across multiple services and products through extensive operations worldwide.
Reporters may contact Andy Aldridge or Matt Card at Bank of America for further inquiries regarding this development.
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