BofA Recognized Globally for Digital Leadership and Commitment to Innovation

Rhea-AI Summary

Bank of America (NYSE: BAC) has received over 120 accolades for its digital leadership and innovation in 2024. The bank's digital capabilities are used by 58 million clients, who digitally connected with their finances a record 23.4 billion times last year, an 11% increase year-over-year. Notable awards include:

- Euromoney: North America's Best Digital Bank, Western Europe's Best Digital Bank
- Global Finance: Most Innovative Bank in North America, World's Best Bank for Transaction Banking
- Celent: Customer-Centered Innovation Award for unified mobile app experience
- The Asian Banker: Best International Cash Management and Transaction Bank in Asia Pacific

These recognitions highlight BofA's commitment to delivering world-class digital experiences and innovative solutions for its clients across various banking services, including cash management, payments, trade finance, and wealth management.

Positive

• Record digital engagement with 58 million clients using BofA's digital capabilities
• 23.4 billion digital client interactions, an 11% increase year-over-year
• Over 120 accolades received for digital and innovation leadership
• Recognition as Best Digital Bank in North America and Western Europe by Euromoney
• Named Most Innovative Bank in North America by Global Finance
• Awarded for Customer-Centered Innovation by Celent for unified mobile app experience

Negative

• None.

Company Receives Accolades Throughout the Industry and Around the World for Delivering Digital Experiences that Drive Client Engagement

NEW YORK and LONDON and HONG KONG, July 29, 2024 /PRNewswire/ -- This year, Bank of America has been recognized by many of the most influential industry groups and global banking award organizations around the world for its digital leadership. As the company continues to see record growth in digital engagement among clients, it recently received accolades from Euromoney, Global Finance, Celent, The Asian Banker, and others for its commitment to innovation and delivering world-class digital experiences.

"We're focused on making it easier and more convenient than ever for our clients to manage their full financial lives through industry-leading digital capabilities," said David Tyrie, Chief Digital Officer and Chief Marketing Officer for Bank of America. "This recognition showcases the expertise of our team and their commitment to delivering for our clients."

One of the greatest measures of success is the degree to which clients engage with digital solutions. Today, 58 million clients leverage Bank of America's digital capabilities to help manage their financial lives. Last year, these clients digitally connected with their finances a record 23.4 billion times, an 11% increase year-over-year.

"Our approach to technology focuses on delivering capabilities that help our clients build better financial lives – enabled by a culture that empowers our teammates to explore and develop innovative solutions at scale for our clients around the world," added Chief Technology and Information Officer, Aditya Bhasin, who heads Bank of America's Global Technology organization.

Bank of America received over 120 accolades last year for its digital and innovation leadership. In 2024, the company continues to be recognized globally with many of the industry's most definitive honors, including:  

Euromoney Awards for Excellence

• North America's Best Digital Bank and Western Europe's Best Digital Bank, recognizing the bank for its digital capabilities and use of technology to benefit clients and for efficiency.   
• World's Best Bank for Trade Finance for providing financial solutions to importers and exporters worldwide that mitigate the payment and supply risk involved in international trade, as well as being at the forefront of new technologies that are streamlining trade finance processes and accelerating innovation.
• North America's Best Bank for Transaction Services, recognizing BofA's excellence in cash management, payments and trade finance across North America through innovative technology and best-in-class performance.

Global Finance

• Most Innovative Bank in North America, based in part on its annual technology investments and corporate culture of supporting client needs and continuous improvements to the client experience.
• World's Best Bank for Transaction Banking, including top honors in North America and Latin America
• World's Best Bank for Collections, including top honors in Latin America and Western Europe
• Western Europe's Best Bank for Payments

Celent Model Bank Awards

• Customer-Centered Innovation Award for the Bank of America unified mobile app experience as well the award for Reimagining Trade and Supply Chain Finance for its Open Account Automation solution for business clients. Open Account Automation, the first module of CashPro Supply Chain Solutions, addresses invoice approval and payment, one of the most common processes in global trade, and speeds up the time to approve an invoice from days or weeks to now a matter of minutes.

The Asian Banker: Transaction Finance Awards

• Best International Cash Management and Transaction Bank in Asia Pacific for commitment to "true and tangible innovation that supported the development of numerous digital corporate banking solutions."
• Best Treasury Management Initiative for reducing FX trade and settlement volumes by an average of over 85% and saving 40-man hours weekly.
• Best Cash Management Project in Asia Pacific for halving the number of bank accounts and consolidating over 60% of cash in Asia for repatriation.

Treasury Management International (TMI) Awards for Innovation & Excellence

• Best Mobile Technology Solution for Treasury, recognizing CashPro as a "solution that gives treasurers the means to do new kinds of business on the move with confidence, both now and in the future." TMI also "highly commended" CashPro® for Best Customer Service and for Solution Innovation.

Coalition Greenwich Digital Transformation Benchmarking Study

• BofA received top scores in the annual Coalition Greenwich Digital Transformation Benchmarking Study in recognition of ongoing enhancement of its CashPro platform. The company received top scores for leadership in Digital Channels for the second consecutive year, as well as for payments and treasury management, including merchant and card services and transaction foreign exchange.

The Global Private Banker

• Best Private Bank for Digital Innovation recognizing Bank of America Private Bank for modernizing its service platform to facilitate a fully integrated and personalized client experience.

Private Wealth Management Wealth Tech Awards

• Best Use of Technology recognizing Merrill and Bank of America Private Bank for keeping clients at the center of the company's technology strategy, from digital onboarding through an AI-enabled insights program that identifies opportunities to deepen relationships and better serve clients.

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 approximately 3,800 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).

Bank of America makes no warranty, representation or guarantee regarding the suitability of CashPro, including its enhancements, for any particular purpose, nor does Bank of America assume any liability arising out of the use or application of CashPro, or related products and services.

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:   
North America, Andy Aldridge
Phone: 1.980.387.0514  
andrew.aldridge@bofa.com

EMEA, Megan Pearson
Phone: +44.20.7995.6977
megan.n.pearson@bofa.com 

APAC, Tiffany Chen
Phone: +852.3508.3753
tiffany.chen@bofa.com 

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SOURCE Bank of America Corporation

FAQ

How many clients use Bank of America's digital capabilities in 2024?

According to the press release, 58 million clients leverage Bank of America's digital capabilities to manage their financial lives.

What was the year-over-year increase in digital client interactions for BAC in 2024?

Bank of America reported a 11% year-over-year increase in digital client interactions, reaching a record 23.4 billion times.

Which awards did Bank of America (BAC) receive from Euromoney in 2024?

Bank of America received Euromoney's awards for North America's Best Digital Bank and Western Europe's Best Digital Bank in 2024.

What recognition did BAC receive from Global Finance for innovation in 2024?

Global Finance recognized Bank of America as the Most Innovative Bank in North America in 2024.