Bank of America clients connected with their finances digitally more than 23.4 billion times in 2023. The 11% y-o-y rise to a record high reflects the growing use of digital logins and proactive alerts.
Specifically, BofA clients received more than 10.6 billion proactive digital alerts in 2023. That represents an increase of 12% year-over-year. Bank of America now has 57 million verified digital users. Among this customer segment, 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.
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Bank of America active digital users rise to 46 million
Over the course of 2023, customers also logged into their accounts 12.8 billion times. This includes a record 3.3 billion logins in Q4, up 10% y-o-y. More clients are checking their finances more often. In turn, this is driving the number of active digital clients. Namely, those who have used digital in the last 90 days, to a record 46 million active users. That is up more than 2.2 million y-o-y.
77% of BofA Consumer and Small Business households actively use the bank’s digital platforms. The corresponding metrics for wealth management households and business clients are 84% and 75% respectively.
“Our clients unlocked convenience 23bn times last year through digital interactions,” said Nikki Katz, head of digital, Bank of America. “Individualised 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.”
673 million client interactions with Erica in 2023
In 2023, clients interacted 673 million times with Erica, the most first widely available virtual financial assistant. This was a 28% increase year-over-year. This brings the total interactions since launch to nearly 1.9 billion. Erica now has 18.5 million active users, a 12% increase year-over-year. Meantime, Merrill client interactions with Erica exceeded 10 million in 2023. And BofA private bank clients interacted with Erica a record 700,000 times in 2023, up 35% from the previous year.
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By GlobalDataCashPro 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.
Finally, a record 21.5 million customers now use Zelle. These clients sent and received 1.24 billion payments worth $373bn billion in 2023, again both record highs. And BofA clients sent more than twice as many Zelle transactions as cheques written in 4Q 2023.
