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BofA clients had a record 23.4bn digital Interactions in 2023

BofA clients had a record 23.4bn digital Interactions in 2023
13-02-24 / Shelly Nxumalo

BofA clients had a record 23.4bn digital Interactions in 2023

Johannesburg - As Bank of America continues to personalize digital banking, clients are more frequently connecting with their finances digitally. In 2023, Bank of America clients connected with their finances more than 23.4 billion times through a combination of digital logins and proactive alerts – an 11% increase year over year and all-time record.

  • Clients received more than 10.6 billion proactive digital alerts in 2023 – an increase of 12% year-over-year – giving them real-time insight into their financial lives. Bank of America now has 57 million verified digital users, among which more than 35 million have opted to receive these alerts. The most common alerts last year offered insights into account balances, deposit available balances, and virtual debit card usage. 
  • Over the course of 2023, clients also logged into their accounts 12.8 billion times to stay on top of their finances – including a record 3.3 billion logins in Q4, up 10% year-over-year. More clients are checking their finances more often, driving the number of active digital clients, those who have used digital in the last 90 days, to a record 46 million active users, up more than 2.2 million year over year. 
  • Today, 77% of Consumer and Small Business households actively use Bank of America’s digital platforms, as well as 84% of Wealth Management households, and 75% of business clients.

“Our clients unlocked convenience 23 billion times last year through digital interactions,” said Nikki Katz, Head of Digital at Bank of America.  “Individualized real-time alerts and proactive insights, along with our digital platform overall, help simplify the day-to-day management of finances. This allows our clients to more easily balance life and enjoy the moments that matter.”

In 2023, clients interacted 673 million times with Erica, the most advanced and first widely available virtual financial assistant. This was a 28% increase year-over-year, bringing the total interactions since launch to nearly 1.9 billion. Clients across Bank of America businesses increasingly leverage Erica:

  • Erica now has 18.5 million active users, a 12% increase year-over-year.
  • Merrill client interactions with Erica exceeded 10 million in 2023.
  • Private Bank clients interacted with Erica a record 700,000 times in 2023, up 35% from the previous year.
  • CashPro Chat integrated Erica in 2023, with 43% of client inquiries now being answered in the app. CashPro clients also received 19.7 million alerts and insights in 2023.

How clients send and deposit money has also continued to shift toward digital:

  • A record 21.5 million clients now use Zelle®. These clients sent and received 1.24 billion payments worth $373 billion in 2023 – both record highs.
  • Clients sent more than twice as many Zelle transactions as checks written in 4Q 2023.
  • 75% of checks to Wealth Management clients were deposited digitally.
  • 75% of Business clients were active across CashPro and BA360.

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.

Bank of America continues to be recognized throughout the industry for its digital leadership, receiving over 120 accolades in 2023. Most recently, Bank of America was named:

  • Best Mobile Banking Apps by Forbes
  • #1 Overall 4Q 2023 Online Banker Scorecard by Keynova
  • #1 Overall 4Q 2023 Mobile Credit Card Scorecard by Keynova
  • Merrill Edge Self-Directed was ranked #1 in three categories in the StockBrokers.com 2024 Annual Broker Review
  • Overall Client Experience (for the seventh year in a row)
  • Client Dashboard (for the fourth year in a row)
  • for Bank Brokerage (for the tenth year in a row)

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