The bank has spelled out, in detail, the extent to which clients of its private bank, wealth management business, and other segments are using digital channels such as virtual financial assistants.

It appears that private bank and wealth management clients at Bank of America are on regular speaking terms with its virtual financial assistant, “Erica.”

The Charlotte, North Carolina-headquartered bank, which recently reported its fourth-quarter financial results, pointed out the extent to which clients across the firm use its digital services. 

Charlotte, NC.

Across all of BoA, Erica has 18.5 million active users, rising 12 per cent year-over-year.

In the Merrill side of the firm, client interactions with Erica exceeded 10 million in 2023; private bank clients interacted with Erica a record 700,000 times in 2023, rising 35 per cent. Some 75 per cent of checks to Wealth Management clients were deposited digitally.

And the figures, issued yesterday, come after BoA was reported saying in early November 2023 that the private banking arm was actually the leader in digital adoption, with 92 per cent of clients using digital capabilities. This perhaps contrasts with the notion that retail, rather than private banking tends to be more digitalized. The desire for “white glove” service from private banking, it seems, isn’t at odds with digital tech.

Artificial intelligence-driven apps, bots and functions have been all the rage in wealth management. BoA’s data sheds light on the extent to which such technology affects the business. Industry-wide data appears to bear out the trend: 78.4 per cent of the US population used digital channels in 2023, and is on course to overtake 80 per cent in 2025, according to Insider Intelligence.

Digital adoption
Today, 77 per cent of consumer and small business households actively use BoA's digital platforms, as well as 84 per cent of wealth management households, and 75 per cent of business clients.

"Our clients unlocked convenience 23 billion times last year through digital interactions," Nikki Katz, head of digital at BoA, said. "Individualized real-time alerts and proactive insights, along with our digital platform overall, help simplify the day-to-day management of finances. This allows our clients to more easily balance life and enjoy the moments that matter."