Bank of America sees 1B digital logins in July

Bank of America saw a record one billion digital logins in July as it continues to make technology a centerpiece of client engagement. The numbers come as the bank recorded 2.8 billion logins during the second quarter, an 11% year-over-year increase. Over the past 12 years, the bank has dedicated more than $35 billion to tech spending, and in 2022 alone has set aside $3.6 billion to continue those efforts, according to its Q2 earnings . “When I look at a billion logins, really what that means is just we’re completely integrated into our clients’ day-to-day and allowing them to manage their finances wherever they need to and putting them in control,” Nikki Katz, managing director and head of digital, told Bank Automation News . One of the Charlotte, N.C.-based bank’s biggest successes to date is its AI virtual assistant Erica , which runs on predictive analytics to help proactively approach client needs. Nearly 28 million customers interacted with Erica during Q2, and the virtual assistant has been used a total of 905 million times since launching in 2018, according to a release. “AI is really enabling us to provide that incredibly individualized experience and to go much more proactive in our engagement and relationships with our clients,” Katz said. Digital figures: Nearly 8 million clients have engaged with Bank of America Life Plan to track short- and long-term financial goals since its launch in 2020; Merrill Guided Investing accounts increased 22% in Q2; and Customers sent 43% more Zelle transactions in Q2 than paper, according to a release Pandemic-spurred digital engagement While billions of dollars have helped boost the bank’s tech efforts, the COVID-19 pandemic also drove digital engagement. Customers who preferred a physical branch pre-pandemic continued to do their banking online, even after financial centers re-opened, Katz said. “The future for us is that we’re continuing to really make digital a centerpiece of how we engage our clients,” she said. Fintech competition The pressure on mainstream banks to innovate has only increased in recent years. Fintech “disruptors” taking advantage of APIs can offer digital tools such as seamless cross-border transactions or automated mortgage services that many mainstream banks have yet to implement in their product lineup. However, competing with fintechs is not necessarily a priority for Bank of America. The bank currently has 55 million verified digital customers and is under stricter regulatory requirements compared with fintechs. Instead, the bank focuses on providing secure services and packaging existing offerings into accessible digital applications to give clients greater control of their banking needs, Katz said. “We’re not competitive in that way,” she said. “We are coming out from very different angles.” Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and <a tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Footer&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1659714508578.1659722007702.175&__hssc=41615677.13.1659722007702&__hsfp=1191625704" href="https://bankautomationsummit.com/register/" target="_blank" rel="noopener" aria-label="Link register for Bank Automation Summit Fall 2022">register for Bank Automation Summit Fall 2022 .

Bank of America sees 1B digital logins in July

The bank has dedicated $3.6B for tech spend in 2022

KeyBank’s Dominic Cugini joins Bank Automation Summit Fall 2022 speaker faculty

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Bank of America sees 1B digital logins in July

The bank has dedicated $3.6B for tech spend in 2022

KeyBank’s Dominic Cugini joins Bank Automation Summit Fall 2022 speaker faculty

Praxent boosts workforce amid multiple software launches

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