Dive Brief:
- Bank of America saw digital adoption and engagement growth as customer satisfaction scores hit record levels, executives said on a Q4 2024 earnings call Thursday.
- The bank’s consumer business has 48 million active digital banking users, up 1.9 million from a year prior, according to the earnings presentation.
- More consumers also used Erica, Bank of America’s AI-powered chat assistant, with 171.5 million interactions in the fourth quarter. Erica has seen more than 2.5 billion interactions since its inception in 2018.
Dive Insight:
The bank credited its customer service and digital capabilities in part for consumer checking account growth.
“In terms of our scores, our customer service capabilities are scoring at the highest they've ever come,” CEO Brian Moynihan said. “The fairness of our account structures, the transparency, the digital capabilities — it's just winning in the market.”
The bank added 213,000 net new consumer checking accounts in the fourth quarter, marking six consecutive years of quarterly growth, according to the earnings report.
Bank of America has made heavy investments in digital to help spur that growth.
“Digital adoption and engagement continue to improve, and customer satisfaction scores rose to record levels, illustrating our client appreciation of enhanced capabilities from these investments,” CFO Alastair Borthwick said.
The bank saw growth in household adoption, with 78% of overall households actively using digital platforms.
