Dive Brief:
- Bank of America executives credited the bank’s personalization strategy and customer service for consumer banking growth during a Q2 2024 earnings call Tuesday.
- The company experienced 22 quarters of consecutive checking account growth, and its consumer mobile banking app serves more than 47 million active users, up 1 million from a year ago, according to the earnings presentation.
- “Our emphasis on personalized financial solutions and superior customer service has strengthened customer loyalty, attracted new clients across all our businesses,” CEO Brian Moynihan said on the earnings call.
Dive Insight:
Bank of America’s customer-centricity and dedication to customer service drove growth in Q2, executives said.
“Organic growth has been driven by several key factors. First, we focus on our customers,” Moynihan said. “We continue to place them at the center of everything we do.”
This echoes what Dean Athanasia, president of regional banking at BofA, said when asked about checking account growth during a June conference call held with Morgan Stanley.
“Every single area in our organization is measured on customer service and satisfaction. We're at an all-time high,” Athanasia said. “So that's allowing us to sort of attract, grow, but also retain.”
The bank also examines why clients leave — and what could be done to retain them, Athanasia said.
Digital banking was a primary contributor to BofA's customer growth and retention as well, according to Moynihan.
“One of the primary contributors of both attracting and retaining customers to our platforms is our digital banking capabilities for our clients across all the businesses,” Moynihan said. “Our fully integrated consumer banking investment app drives the utility for our customers across their investment and consumer accounts.”
BofA addressed payment pain points this summer with an update to its CashPro platform that allows business customers to launch an inquiry into the status of a transaction within the platform.
The earnings presentation highlighted BofA's recognition as the best consumer digital bank in the U.S. and best integrated consumer banking site and mobile banking app by Global Finance last year. Keynova also rated the bank as the best desktop user experience this spring, and J.D. Power certified it for outstanding client satisfaction for financial advice.
