39 million out of 66 million Bank of America  clients became active digital users in 2020 and over 58% of all new words, learned by the bank’s digital assistant, concerned the pandemic.

Frank Media reports that last year digital service were especially in demand among Bank of America clients. At that, 70% of the offices continued operating despite the lockdowns.

During the pandemic, the bank registered a record increase in digital contacts with clients: around 70% clients in retail and small business used online service, and so did 77% of clients in the investment block.

The share of deposits the clients opened online grew from 78% (2019 indicator) to 84% in 2020, and the share of digital sales grew from 30% to 42%.



Bank of America has put together a review of channels for digital interaction with clients. It includes Erica the virtual financial assistant, launched back in 2018. In 2020, 7 million new clients used it (a 67% increase), and Erica processed 230 million client requests in total. The pandemic has forced an increase in the assistant’s vocabulary – it had to learn around 60,000 coronavirus-related terms and questions.

For p2p payments, the bank created Zelle app, which had a 33% increase in the number of clients in the crisis year. In 2020, the app users made over 517 million transactions in the total amount of USD 141 billion, which is 71% more than in 2019.

Bank of America also created a financial planning assistant - Life Plan, launched at the national level last fall.

According to the bank itself, there is record digital activity underway among small business clients. Digital channels had 10% share of SME sales in 2019, but in 2020, the indicator reached 24%. The bank is developing CashPro app for authorization of payments and deposit checks of SMEs, as well as for API use.

In 2019, Bank of America stated that its investments in hi-tech made USD 10 billion, including the USD 3 billion investments into new projects.

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