Digital Interactions by BofA Clients Surge to Over 26 Billion, up 12% Year-Over-Year

Rhea-AI Summary

Bank of America (BAC) reported significant growth in digital interactions, reaching a record 26 billion in 2024, up 12% year-over-year. The bank's AI-driven virtual assistant Erica surpassed 2.5 billion total interactions, serving 20 million clients. Digital alerts increased 11% to nearly 12 billion, reaching 37.6 million clients.

Client logins hit 14.3 billion, with a record Q4 of 3.9 billion logins. Digital payments showed strong growth, with Zelle transactions reaching 1.6 billion valued at $470 billion, up 25% and 26% respectively. Corporate clients approved over $1 trillion in payments through the CashPro App, a 25% increase. Digital sales reached 55% of total sales, up from 49% the previous year.

Positive

• Digital interactions increased 12% to 26 billion
• Erica user base grew 7% to 20 million clients
• Digital alerts reached 37.6 million clients, up 7% YoY
• Zelle transactions grew 25% with $470 billion in value
• Digital sales increased to 55% of total sales from 49%
• CashPro payment approvals exceeded $1 trillion, up 25%

Negative

• None.

News Market Reaction

-0.78%

1 alert

-0.78% News Effect

On the day this news was published, BAC declined 0.78%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

20 million clients use Erica^® to help manage their finances; interactions with AI-driven virtual assistant surpass 2.5 billion

CHARLOTTE, N.C., Feb. 24, 2025 /PRNewswire/ -- Digital interactions by Bank of America clients grew 12% last year, reaching an all-time record 26 billion interactions through a combination of digital logins and proactive alerts.  Innovative digital capabilities are enhancing experiences for the company's more than 58 million verified digital clients and helping to drive business growth.

• Proactive digital alerts – A record 37.6 million clients, up 7% year over year, have opted to receive proactive digital alerts giving them real-time insight into their financial lives. These clients received nearly 12 billion proactive digital alerts in 2024 – an increase of 11% year-over-year. The most common alerts last year offered insights into account balances and virtual debit card usage.
• Client logins – Last year, clients also logged into their accounts 14.3 billion times to stay on top of their finances, including a quarterly record 3.9 billion logins in Q4, up 16% year-over-year. On average, clients log in more than once every day.
• Erica client interactions – Last year, clients interacted 676 million times with Erica, the most advanced and first widely available AI-driven virtual financial assistant, bringing total interactions since launch to more than 2.5 billion.

"Digital is the centerpiece of our relationship-driven strategy," said Nikki Katz, head of digital at Bank of America. "Erica serves a dual role in our clients' lives: a personal concierge and mission control for their finances, helping them make every day financial decisions more efficiently."

Erica was recently used to assist Bank of America clients in areas affected by Hurricanes Helene and Milton, and the Los Angeles wildfires. When clients asked Erica questions about the hurricanes or wildfires, they were given information about the Bank of America Client Assistance Program to help ensure they are aware of the financial support and other resources available to them.

Over the last six years, Erica's capabilities have expanded to support individual and corporate clients, including within Merrill, Benefits OnLine^®, and the company's award-winning CashPro^® platform. Clients across Bank of America increasingly leverage Erica:

• Erica adoption – Approximately 20 million clients have used Erica, a 7% increase year-over-year.
• CashPro Chat–More than half of corporate clients used CashPro Chat, a virtual service advisor that leverages Erica technology within the CashPro banking platform. The questions CashPro Chat can assist with have more than doubled since its launch in 2023.
• Merrill client adoption – Merrill clients increased their use of Erica 13% year-over-year with a record 11.5 million interactions in 2024.
• Private bank client adoption – Private Bank clients interacted with Erica 690,000 times in 2024.

Clients are increasingly leveraging digital to send and receive payments:

• Clients moving money – Record 38 million clients moved money digitally through approximately 3 billion transactions representing $2.3 trillion last year.
• Zelle adoption – Record 23.7 million Bank of America clients use Zelle^® through which they sent and received a record 1.6 billion transactions in 2024 valued at $470 billion, up 25% and 26% year-over-year respectively.
• Zelle usage exceeds checks – Zelle transactions were nearly triple the number of checks written in Q4 last year.
• CashPro payment approvals –Corporate clients made over $1 trillion in payment approvals using the CashPro App, a more than 25% year-over-year increase.

With a seamless experience, clients are leveraging digital to open accounts and explore a range of products. In 2024, Bank of America saw a record 55% of sales through digital, up from 49% last year.

Bank of America continues to be recognized throughout the industry for its digital leadership, receiving nearly 250 accolades in 2024. Most recently, Bank of America was named:

• Best Mobile Banking App by Forbes
• #1 Overall for Online Banker Scorecard and
• #1 Overall for Mobile Credit Card Scorecard by Keynova
• Best Digital Consumer Bank in the U.S. by Global Finance
• World's Most Innovative Bank – 2024, Most Innovative Bank in North America by Global Finance
• Best Bank App Virtual Assistant by Ascent
• North America's Best Digital Bank, Western Europe's Best Digital Bank, North America's Best Bank for Small to Medium-sized Enterprises, by Euromoney
• Bank of the Year for Best Customer Experience, Best Mobile Technology Solution for Treasury, and Best Solution Innovation – Data Analytics by Treasury Management International

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 3,700 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).

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

Matt Card, Bank of America
Phone: 1.202.579.6879
matthew.card@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

How much did BAC's digital interactions grow in 2024?

Bank of America's digital interactions grew 12% in 2024, reaching a record 26 billion interactions through digital logins and proactive alerts.

What is the current user base of BAC's Erica virtual assistant?

Approximately 20 million Bank of America clients use Erica, representing a 7% increase year-over-year.

How many Zelle transactions did BAC process in 2024?

Bank of America processed 1.6 billion Zelle transactions in 2024, valued at $470 billion, representing increases of 25% and 26% year-over-year respectively.

What percentage of BAC's sales were through digital channels in 2024?

55% of Bank of America's sales were through digital channels in 2024, up from 49% the previous year.

How many digital alerts did BAC send to clients in 2024?

Bank of America sent nearly 12 billion proactive digital alerts in 2024, an increase of 11% year-over-year.