Bank of America continues to lead the financial sector in digital transformation, with its AI-powered virtual assistant Erica® surpassing 2.5 billion interactions and 20 million clients leveraging its capabilities to manage their finances. The bank reported a 12% increase in digital interactions in 2024, reaching an all-time high of 26 billion engagements across its platforms.
With over 58 million verified digital clients, Bank of America is enhancing financial management experiences through AI-driven tools, proactive alerts, and seamless payment solutions. The growing adoption of digital services reflects a shift toward real-time, personalized banking.
Clients are increasingly using digital channels to stay on top of their finances. In 2024, over 37.6 million customers opted for proactive financial alerts, receiving nearly 12 billion real-time notifications, a rise of 11% from the previous year. These alerts provided essential insights into account balances and virtual debit card usage, helping clients make informed financial decisions. Additionally, client logins hit a record 14.3 billion, with 3.9 billion logins in Q4 alone, marking a 16% year-over-year growth. On average, users logged in more than once per day.
The AI-driven virtual assistant Erica continued to play a pivotal role in digital banking, handling 676 million interactions in 2024 alone. Since its launch, it has surpassed 2.5 billion client engagements. Beyond everyday banking, Erica provided critical assistance during natural disasters, such as Hurricanes Helene and Milton and the Los Angeles wildfires, directing affected clients to Bank of America’s Client Assistance Program for financial relief and resources.
Bank of America’s Head of Digital, Nikki Katz, emphasized the impact of AI on customer experience, stating, “Digital is the centerpiece of our relationship-driven strategy. Erica serves as both a personal concierge and mission control for our clients, enabling them to make smarter financial decisions with ease.”
Bank of America continues to integrate AI across its business lines. The adoption of Erica reached 20 million users, growing 7% year-over-year. Corporate banking also saw an expansion, with over half of corporate clients leveraging CashPro Chat, an AI-powered service within the CashPro banking platform.
Merrill clients increased their usage of Erica by 13%, setting a record 11.5 million interactions in 2024. In private banking, high-net-worth clients engaged with Erica 690,000 times last year, showcasing its increasing role in financial advisory and wealth management.
The adoption of digital payments reached new heights as 38 million clients moved money digitally, completing 3 billion transactions worth $2.3 trillion in 2024. Zelle emerged as a preferred choice, with 23.7 million Bank of America clients sending and receiving 1.6 billion transactions worth $470 billion, reflecting a 25% increase in transaction volume and a 26% rise in value compared to the previous year.
Zelle transactions were nearly three times the number of checks written in Q4 2024, underscoring the shift toward digital payments. Corporate clients also embraced digital solutions, approving over $1 trillion in payments via the CashPro App, a 25% increase year-over-year.
Bank of America saw a surge in digital sales, with 55% of all sales occurring through digital channels, up from 49% in 2023. This growth highlights the increasing preference for self-service banking and AI-powered decision-making tools.
The bank’s industry leadership was further reinforced by nearly 250 accolades in 2024. Recognitions included Best Mobile Banking App by Forbes, Best Digital Consumer Bank in the U.S. by Global Finance, and World’s Most Innovative Bank 2024 by Global Finance. Other notable achievements included being named North America’s Best Digital Bank by Euromoney and receiving top rankings from Keynova for Online Banking and Mobile Credit Card Services.
As Bank of America continues to enhance its AI and digital banking capabilities, it remains at the forefront of financial innovation, automation, and client-centric digital transformation. With record-breaking engagement and AI-driven advancements, the bank is shaping the future of modern banking and financial services.
