Bank of America reports record 26 billion digital interactions, driven by AI and mobile banking

AI-powered virtual assistance and digital engagement

Bank of America’s AI-driven virtual assistant, Erica, played a significant role in this digital expansion. In 2024, 20 million clients engaged with Erica, a 7% increase year-over-year, contributing to over 676 million interactions last year alone and surpassing 2.5 billion total interactions since its launch.

Clients also demonstrated increased reliance on proactive digital alerts, with 37.6 million customers—up 7% year-over-year—receiving nearly 12 billion alerts in 2024. These notifications provided real-time insights into account balances, virtual debit card usage, and other financial activities. Additionally, clients logged into their accounts 14.3 billion times, reflecting a 16% increase in Q4 alone.

Rise in digital payments and Zelle transactions

Clients are increasingly using digital channels for transactions, with 38 million customers conducting approximately 3 billion digital money transfers, totaling $2.3 trillion in 2024. Notably, Zelle adoption hit a record 23.7 million clients, processing 1.6 billion transactions valued at $470 billion, a 25% and 26% increase year-over-year, respectively. Zelle transactions in Q4 outpaced traditional check usage nearly threefold.

Growing role of digital sales and corporate services

Digital platforms also played a crucial role in sales, accounting for a record 55% of total sales in 2024, up from 49% the previous year. Corporate clients approved over $1 trillion in payments via the CashPro® App, marking a 25% increase year-over-year. Meanwhile, Merrill clients’ use of Erica rose 13%, totaling 11.5 million interactions.

As digital banking adoption continues to grow, Bank of America remains focused on leveraging AI and mobile innovation to enhance customer experience and financial management.

 
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