20 million clients use Erica® to
help manage their finances; interactions with AI-driven virtual
assistant surpass 2.5 billion
CHARLOTTE, N.C., Feb. 24,
2025 /PRNewswire/ -- Digital interactions by Bank of
America 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.
"Digital is the centerpiece of our relationship-driven
strategy," said Nikki Katz,
head of digital at Bank of America. "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 award-winning
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 increasingly 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 saw a record 55% of sales through digital, up from 49% last
year.
Bank of America continues to be recognized throughout the
industry for its digital leadership, receiving nearly 250 accolades
in 2024. Most recently, Bank of America was named:
- Best Mobile Banking App by Forbes
- #1 Overall for Online Banker Scorecard and
- #1 Overall for Mobile Credit Card Scorecard by Keynova
- Best Digital Consumer Bank in the U.S. by Global Finance
- World's Most Innovative Bank – 2024, Most Innovative Bank in
North America by Global
Finance
- Best Bank App Virtual Assistant by Ascent
- North America's Best Digital
Bank, Western Europe's Best
Digital Bank, North America's Best
Bank for Small to Medium-sized Enterprises, by Euromoney
- Bank of the Year for Best Customer Experience, Best Mobile
Technology Solution for Treasury, and Best Solution Innovation –
Data Analytics by Treasury Management International
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
3,700 retail financial centers, approximately 15,000 ATMs
(automated teller machines) and award-winning digital banking with
approximately 58 million verified digital users. Bank of America is
a global leader in wealth management, corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 4 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States, its territories and more
than 35 countries. Bank of America Corporation stock is listed on
the New York Stock Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Andy Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
Matt Card, Bank of America
Phone: 1.202.579.6879
matthew.card@bofa.com
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SOURCE Bank of America Corporation
