Digital interactions by Bank of America (NYSE: BAC) clients grew 12% last year, reaching an all-time record 26 billion interactions through a combination of digital logins and proactive alerts.
Innovative digital capabilities are enhancing experiences for the company’s more than “58 million verified digital clients and helping to drive business growth.”
Proactive digital alerts – A record 37.6 million clients, “up 7% year over year, have opted to receive proactive digital alerts giving them real-time insight into their financial lives.”
These clients received nearly “12 billion proactive digital alerts in 2024 – an increase of 11% year-over-year.”
The most common alerts last year offered insights into “account balances and virtual debit card usage.”
Client logins – Last year, clients also “logged into their accounts 14.3 billion times to stay on top of their finances, including a quarterly record 3.9 billion logins in Q4, up 16% year-over-year.”
On average, clients log in “more than once every day.”
Erica client interactions – Last year, clients interacted “676 million times with Erica, the most advanced and first widely available AI-driven virtual financial assistant, bringing total interactions since launch to more than 2.5 billion.”
Nikki Katz, head of digital at Bank of America said:
“Digital is the centerpiece of our relationship-driven strategy. Erica serves a dual role in our clients’ lives: a personal concierge and mission control for their finances, helping them make every day financial decisions more efficiently.”
Erica was recently used to assist Bank of America clients in “areas affected by Hurricanes Helene and Milton, and the Los Angeles wildfires.”
When clients asked Erica questions about the hurricanes or wildfires, they were given “information about the Bank of America Client Assistance.”
Program to help ensure they are aware of the “financial support and other resources available to them.”
Over the last six years, Erica’s capabilities have “expanded to support individual and corporate clients, including within Merrill, Benefits OnLine, and the company’s CashPro platform.”
Clients across Bank of America increasingly leverage Erica:
- Erica adoption – Approximately 20 million clients have used Erica, a 7% increase year-over-year.
- CashPro Chat–More than half of corporate clients used CashPro Chat, a virtual service advisor that leverages Erica technology within the
- CashPro banking platform. The questions CashPro Chat can assist with have more than doubled since its launch in 2023.
- Merrill client adoption – Merrill clients increased their use of Erica 13% year-over-year with a record 11.5 million interactions in 2024.
- Private bank client adoption – Private Bank clients interacted with Erica 690,000 times in 2024.
Clients are leveraging digital to send and receive payments:
- Clients moving money – Record 38 million clients moved money digitally through approximately 3 billion transactions representing $2.3 trillion last year.
- Zelle adoption – Record 23.7 million Bank of America clients use Zelle® through which they sent and received a record 1.6 billion transactions in 2024 valued at $470 billion, up 25% and 26% year-over-year respectively.
- Zelle usage exceeds checks – Zelle transactions were nearly triple the number of checks written in Q4 last year.
- CashPro payment approvals – Corporate clients made over $1 trillion in payment approvals using the CashPro App, a more than 25% year-over-year increase.
With a seamless experience, clients are leveraging digital “to open accounts and explore a range of products.”
In 2024, Bank of America reportedly saw a “record 55% of sales through digital, up from 49% last year.”