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BofA customers go digital during pandemic

BofA customers go digital during pandemic

Bank of America has seen a surge in digital engagement during the Covid-19 pandemic, with 70% of consumer clients now using online and mobile channels.

The bank says a decade of investment in digital services has paid off this year, as the pandemic and associated lockdowns accelerated an existing shift to mobile and online.

The firm's 39 million digital clients, including 31 million active mobile users, increasingly adopted features such as mobile cheque deposits, digital lending applications, chatbot and P2P payments.

BofA clients deposited 160 million cheques using the mobile banking app in 2020. Last year, 84% of deposits were made through the company’s automated channels -mobile, online and ATMs - up from 78% the prior year.

Digital sales accounted for 42% of total consumer sales last year, up from 30% in 2019. Furthermore, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019.

Meanwhile, seven million customers used the bank's AI-driven virtual assistant, Erica, for the first time in 2020. The bot was trained to understand over 60,000 coronavirus-related terms and questions. Another 13 million clients, including small businesses, are active users of the P2P payments service Zelle, a 33% increase year-over-year.

David Tyrie, head, digital, BofA, says: "This past year digital capabilities were more important than ever to our clients.

"Our investments in mobile and online channels over the last 10 years, along with new and enhanced capabilities introduced throughout last year, enabled us to deliver more personalised experiences for each client through a balance of digital and in-person tools and services across their entire relationship with us."

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