This year, Bank of America has been recognised by many of the most influential industry groups and global banking award organisations around the world for its digital leadership. As the company continues to see record growth in digital engagement among clients, it recently received accolades from Euromoney, Global Finance, Celent, The Asian Banker and others for its commitment to innovation and delivering world-class digital experiences.
“We’re focused on making it easier and more convenient than ever for our clients to manage their full financial lives through industry-leading digital capabilities,” said David Tyrie, Chief Digital Officer and Chief Marketing Officer for Bank of America. “This recognition showcases the expertise of our team and their commitment to delivering for our clients.”
One of the greatest measures of success is the degree to which clients engage with digital solutions. Today, 58 million clients leverage Bank of America’s digital capabilities to help manage their financial lives. Last year, these clients digitally connected with their finances a record 23.4 billion times, an 11% increase year-over-year.
“Our approach to technology focuses on delivering capabilities that help our clients build better financial lives – enabled by a culture that empowers our teammates to explore and develop innovative solutions at scale for our clients around the world,” added Chief Technology and Information Officer, Aditya Bhasin, who heads Bank of America’s Global Technology organisation.
Bank of America received over 120 accolades last year for its digital and innovation leadership. In 2024, the company continues to be recognised globally with many of the industry’s most definitive honours, including:
- North America’s Best Digital Bank and Western Europe’s Best Digital Bank, recognising the bank for its digital capabilities and use of technology to benefit clients and for efficiency.
- World’s Best Bank for Trade Finance for providing financial solutions to importers and exporters worldwide that mitigate the payment and supply risk involved in international trade, as well as being at the forefront of new technologies that are streamlining trade finance processes and accelerating innovation.
- North America’s Best Bank for Transaction Services, recognising BofA’s excellence in cash management, payments and trade finance across North America through innovative technology and best-in-class performance.
- Most Innovative Bank in North America, based in part on its annual technology investments and corporate culture of supporting client needs and continuous improvements to the client experience.
- World’s Best Bank for Transaction Banking, including top honours in North America and Latin America
- World’s Best Bank for Collections, including top honours in Latin America and Western Europe
- Western Europe’s Best Bank for Payments
- Customer-Centred Innovation Award for the Bank of America unified mobile app experience as well the award for Reimagining Trade and Supply Chain Finance for its Open Account Automation solution for business clients. Open Account Automation, the first module of CashPro Supply Chain Solutions, addresses invoice approval and payment, one of the most common processes in global trade, and speeds up the time to approve an invoice from days or weeks to now a matter of minutes.
- Best International Cash Management and Transaction Bank in Asia Pacific for commitment to ‘true and tangible innovation that supported the development of numerous digital corporate banking solutions.’
- Best Treasury Management Initiative for reducing FX trade and settlement volumes by an average of over 85% and saving 40-man hours weekly.
- Best Cash Management Project in Asia Pacific for halving the number of bank accounts and consolidating over 60% of cash in Asia for repatriation.
- Best Mobile Technology Solution for Treasury, recognising CashPro as a ‘solution that gives treasurers the means to do new kinds of business on the move with confidence, both now and in the future.’ TMI also ‘highly commended’ CashPro for Best Customer Service and for Solution Innovation.
- BofA received top scores in the annual Coalition Greenwich Digital Transformation Benchmarking Study in recognition of ongoing enhancement of its CashPro platform. The company received top scores for leadership in Digital Channels for the second consecutive year, as well as for payments and treasury management, including merchant and card services and transaction foreign exchange.
- Best Private Bank for Digital Innovation recognising Bank of America Private Bank for modernizing its service platform to facilitate a fully integrated and personalised client experience.
- Best Use of Technology recognising Merrill and Bank of America Private Bank for keeping clients at the centre of the company’s technology strategy, from digital onboarding through an AI-enabled insights programme that identifies opportunities to deepen relationships and better serve clients.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company aims to provide unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centres, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users.
Bank of America is also a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange.
NOTE – (Bank of America makes no warranty, representation or guarantee regarding the suitability of CashPro, including its enhancements, for any particular purpose, nor does Bank of America assume any liability arising out of the use or application of CashPro, or related products and services.)