The mortgage industry is continuing to embrace newer technology, and that includes the banking side as well. Bank of America added 2 million active digital clients last year, breaking annual records with its total number of verified digital users reaching 54 million. Clients logged into the bank’s digital platform a record 10.5 billion times in 2021, increasing 15% year-over-year.
“Now more than ever, consumers and businesses depend on digital, and Bank of America continues to deliver efficient, safe and reliable digital financial solutions,” said David Tyrie, chief digital officer and head of global marketing at Bank of America. “Our digital capabilities allow our clients to easily manage every aspect of their financial lives across banking, investing, lending and retirement, with access to advice and guidance from our financial professionals and through our financial centers when they need it.”
In January 2022, the bank had 16 million active Zelle users, including small businesses. as clients send more Zelle transactions than physically written checks in 2021 — 514 million compared to 453 million. Today, 86% of deposits are made through ATM and digital channels. Meanwhile, small business digital sales are nearly 300% above pre-2020 levels and digital sales account for roughly 50% of total sales.
Since launching in 2018, 24.6 million Bank of America clients have interacted with Erica, the AI-driven virtual financial assistant, a total of 659 million times. Erica engaged with clients for approximately 2.2 million hours in 2021. A total 123 million interactions took place in the fourth quarter of 2021 alone, marking a 247% year-over-year increase.
Additionally, more than 85% of Bank of America small business clients are using digital channels. Also 75% of the bank’s mid-sized and large corporate clients are digitally managing their company’s finances. In 2021, these companies approved $384 billion of payments through the CashPro app, which is a 119% year-over-year increase. Sign ups for the app are up 55% from last year.
"Clients expect financial solutions that are timely, relevant and secure," said Tyrie. "At Bank of America, we will continue to be at the forefront of innovation, leveraging best-in-class technology to support our clients through integrated and individualized capabilities to meet all of their financial needs."
