Record Surge in Digital Interactions for Bank of America Clients as Engagement Hits 26 Billion

Bank of America Sees Record Growth in Digital Interactions

In a remarkable development, Bank of America (BofA) announced that its digital interactions have reached an extraordinary 26 billion last year, translating to a 12% increase compared to the previous year. This significant growth can be attributed to the increasing number of clients utilizing digital logins, coupled with the effectiveness of proactive alerts. With over 58 million verified digital users, the bank continues to enhance the customer experience through innovative technological advancements.

Proactive Alerts and Client Engagement

Last year, the number of clients opting for proactive digital alerts reached a record 37.6 million, marking a 7% growth year-over-year. These alerts play a crucial role in providing clients with real-time insights into their financial activities, such as account balances and virtual debit card usage. Nearly 12 billion proactive alerts were sent out in 2024, reflecting an 11% increase from the previous year.

Clients logged into their accounts a staggering 14.3 billion times in 2024, including a record-setting 3.9 billion logins just in the fourth quarter, a jump of 16% year-over-year. On average, each client accesses their digital account more than once daily, indicative of the growing engagement with online banking.

AI-Driven Support with Erica

Erica, Bank of America's advanced AI-driven virtual assistant, has become a vital resource for clients, with approximately 20 million users harnessing its capabilities to manage finances. In 2024 alone, clients interacted with Erica 676 million times, pushing the total to over 2.5 billion interactions since its launch. This interaction is crucial, especially in aiding clients during emergencies, such as natural disasters, where Erica provided relevant information about resources and support programs.

As Nikki Katz, the head of digital at Bank of America states, "Digital is the centerpiece of our relationship-driven strategy." Erica serves not only as a financial concierge but also as a mission control hub for clients, assisting them in navigating daily financial decisions seamlessly.

Rise in Money Movement and Payments

Bank of America has witnessed dramatic growth in clients moving funds digitally, with a record 38 million clients conducting approximately 3 billion transactions valued at $2.3 trillion last year. The adoption of Zelle, a key service for quick payments, has also skyrocketed, with 23.7 million users completing a remarkable 1.6 billion transactions worth $470 billion in 2024 alone, reflecting year-over-year growth of 25% and 26%, respectively. Not surprisingly, Zelle transactions have surpassed traditional check usage significantly.

Corporate clients are similarly leveraging digital solutions for transactions, approving over $1 trillion in payments via the CashPro App—an increase of more than 25% compared to the previous year, showcasing the transition to a more digital banking landscape.

Expanding Digital Sales and Accolades

Bank of America also noted great success in sales conducted through digital channels, with a striking 55% of sales occurring online last year, an increase from 49% in 2023. All these advancements have not gone unnoticed, as the institution has amassed nearly 250 accolades in 2024, underscoring its commitment to digital excellence.

Awards include recognition for the Best Mobile Banking App by Forbes and the title of Best Digital Consumer Bank in the U.S. by Global Finance. Bank of America's innovative solutions go beyond just mobile banking, positioning it as a leader in providing comprehensive financial services.

As a formidable player in the financial landscape, Bank of America continues to excel in delivering top-tier services across its array of clients, from individual consumers to large corporations, demonstrating a robust commitment to meet the evolving needs of its users in a rapidly digitalizing world. With industries becoming increasingly driven by digital engagement, BofA’s strategic focus on technology positions it favorably for continued success.