Bank of America: Our saving grace during the pandemic

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COVID-19. The word that has readily become a part of everyday vocabulary so much so that life on earth has started revolving around it. As they say, every opportunity comes dressed as a challenge so is the pandemic. Bank of America observed that their years of investment in digital services have finally started to fructify.

According to the sources, the digital facet of banking operations experienced a surge in traffic as 70 percent of the consumers turned to mobile and online channels thanks to social distancing. People not only have shifted their official working spaces to virtual modes but activities like paying bills, transfer of cash, shopping, etc. have all been revamped.

Bank of America particularly noted that around 39 million digital clients including a whopping 31 million active mobile users started using features like chatbots, digital lending applications, mobile cheque deposits, and P2P payments.

Wow! Isn’t that cool?

Moreover, in 2020, BofA noted that around 160 million cheques were deposited using the bank’s mobile application. Wait, there’s more. The company’s automated channels- online, mobile, and ATMs saw a stream of a massive 84 percent. That’s up from 78 percent back in 2019.

Moreover, the digital sales were found to be 42 percent in 2020 up from 30 percent the previous year. AHA! Still, 74 percent of direct auto sales and 68 percent of the consumer mortgage sales were made respectively virtually in comparison with 60 percent and 36 percent in 2019.

Impressive numbers!

Oh, I need to make some payments. Erica, come lady!

You don’t know her. Ladies and gentlemen! Meet Erica, BofA’s AI-driven virtual assistant who acted as a saving grace for seven million customers in 2020. Erica was trained to interpret over 60,000 questions and terms related to coronavirus. And we are not stopping there about 13 million clients of which many were small-scale enterprises use Zelle, a P2P payment service. More importantly, the utilization of this service has shown a surge of 33 percent.

Digital Head of BofA, David Tyrie added that satisfying the clients with enhanced digital capabilities was a priority during 2020. Moreover, Tyrie believed that an investment of a decade has paid off as this allowed the bank to deliver more personalized experiences to each client across a range of in-person and digital services and tools.

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