5 lessons BofA’s tech chief learned from the pandemic

Bank of America weathered the pandemic well on the strength of its digital channels, senior execs say. Here BofA’s tech and ops chief reflects on lessons learned over the past 15 months.

5 lessons BofA’s tech chief learned from the pandemic
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If the COVID-19 outbreak has taught us anything, it’s that digital channels have become key revenue drivers. Just ask Bank of America, which saw growth for its digital products and services soar over the past 14 months, the bank’s senior executives revealed during a webcast in May.

Craving contactless services, consumers sought to make more payments, deposit more checks, and transfer more funds from computers and smartphones — a shift that played into BofA’s evolving digital strategy.

“Digital became the primary channel for many of our clients over the last year,” says Nikki Katz, BofA’s head of digital design and delivery. “They not only continue to engage in digital, but they engage more deeply and use more and more of our features.”

The bank added 1 million digital users in each of the past two years, but added the same number in Q1 2021 alone, she says. Now, more than 40 million of its clients are digitally active, with digital channels accounting for nearly half of all consumer banking revenue.

BofA’s virtual assistant Erica topped 20 million users, up more than 60% year over year, and completed more than 100 million client interactions in Q1, Katz says. For context, it took 18 months for Erica to tally the first 100 million interactions. Zelleclicked with people as well, with the dollar volume for the online money transfer service soaring 72% among consumers and 182% among small businesses.

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