BofA Reveals Surge in Digital Engagement
(02 February 2020 – United States) 70 percent of Bank of America (BofA) small business clients are engaging digitally for more of their financial needs.
Growth in digital engagement is expected to continue as clients enjoy personalised experiences and embrace the ease and convenience of managing their finances anywhere and anytime. BofA registered record levels of digital engagement among new and existing clients in 2020. The group’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.
Approximately three out of four wealth management client households are also digitally active (77 percent). Challenges faced by clients last year brought about by the COVID-19 pandemic also led many more to digitally schedule appointments, with 2.6 million arranging in-person and virtual appointments, a 14 percent increase year-on-year.
“This past year digital capabilities were more important than ever to our clients. Our investments in mobile and online channels over the last 10 years, along with new and enhanced capabilities introduced throughout last year, enabled us to deliver more personalized experiences for each client through a balance of digital and in-person tools and services across their entire relationship with us” said Bank of America Head of Digital, David Tyrie.
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