Clients expect businesses to deliver their products and services through online and mobile solutions and tools, which has grown even more interwoven in the fabric of our daily lives over the last year and a half. That’s why businesses must find a way to stand out while keeping customers at the core of everything they do.
As we enter the new year, now is the ideal moment to reassess our digital initiatives and ensure that we are devoting our time and resources to creating the best possible client experience.
For more than a decade, Bank of America has made significant investments in technology and digital capabilities. Nearly 41 million of our clients use our digital services, including as the mobile app, Erica®, Bank of America Life Plan®, and Zelle®, and we expect that number to continue to rise. Following are a few observations from Buffalo president Ted Janicki, based on how Bank of America puts clients at the core of our digital experience, based on the success we continue to make serving individuals throughout Buffalo and across the country.
To begin, companies must create digital platforms that are convenient, secure, and simple to use. Clients should also be able to communicate directly with you, which will increase their relationships and general engagement with your company. As the world reopened this year, Bank of America saw a steady increase in digital activity among consumer, small business, and wealth management clients who utilized the bank’s digital platform to schedule appointments, deposit checks, send money, and apply for loans.
Next, consider utilizing digital tools to manage your company’s day-to-day operations. Using technology to execute daily activities can benefit your entire team while also adding value to your customer base. CashPro® from Bank of America, for example, allows you to handle payments, receivables, and extra cash on the move, straight from your mobile app. As more businesses embrace digital convenience and security, 85 percent of our 3 million small company clients across the country are turning to digital solutions like CashPro (up 49 percent year over year), Zelle® (up 123 percent year over year), and Cash Flow Monitor (34 percent year-over-year increase).
Third, it’s critical that digital services cater to each client’s specific requirements. Clients can use Life Plan to define and track short- and long-term financial objectives based on their personal priorities, as well as better understand and act on the measures necessary to achieve them. More than 5 million clients have used Life Plan to attain a range of goals since it first launched a year ago. Budget and start saving (35 percent), boost credit (27 percent), save for a significant purchase (22 percent), buy a home (21 percent), and prepare for retirement are the top five goals that Bank of America clients have used Life Plan to achieve (18 percent ).
Finally, don’t lose sight of the necessity of human connection, especially in a digital age. We seek to give our clients with a high-tech, high-touch experience across their banking and lending relationship with Bank of America, as well as their investment connection with Merrill Lynch. We give competent financial assistance on more difficult financial concerns from specialists through phone, chat, video conference, or in a financial center, while also providing clients with the latest digital offerings and linking them with dedicated specialists throughout our network in Buffalo.
Our Buffalo neighborhood quickly adapted to the new normal as the worldwide epidemic pushed a transition toward digital. To thrive in a more digitally-focused environment, many firms had to get innovative and adapt. Consumers continue to rely on technology even as local businesses reopen their physical sites, and business owners must invest in digital products to secure their future.