Embracing Digital: Transforming Client Experience and the Financial Services Industry

Bank of America is a title sponsor of the BNP Industry Leaders Forum, convening regional business leaders with their peers to strategize for the future success of their industry and the overall economic vitality of the regional economy. 

As Western New York businesses navigate the evolving landscape, digital transformation will be a vital tool for success. By embracing cutting-edge technology, businesses can streamline operations and stand out in a competitive market. Bank of America’s digital tools and data-driven strategies focus on improving the client experience and themes including operations, payments, and talent, which will drive the local financial services industry and business community forward in 2025 and beyond.

At Bank of America, we innovate to create customer-first digital strategies that enhance the client experience, from mobile banking and virtual assistants to advanced data-driven tools. In 2023, Buffalo Niagara, more than 130,000 verified digital users interacted with Bank of America’s digital banking tools over 5.7 million times through a combination of digital logins and proactive alerts. Real-time insights and access to information like account balances, deposit available balances, and virtual debit usage allow our clients to simplify and manage their financial lives according to their priorities and lifestyle. The first widely available virtual financial assistant, Erica, also plays a crucial role in meeting clients’ needs, from providing bill reminders and spending updates to managing cards and Zelle payments. As the need for digital banking solutions continues to grow nationwide—Bank of America clients had a record 23.4 billion digital interactions in 2023, up 11% year-over-year—this trend demonstrates how innovative digital tools can improve client experience and help deliver success for consumers and businesses here in Western New York.

As technology continues to evolve, digital transformation will remain a key competitive factor, and financial institutions that prioritize this change will be better positioned to succeed. According to Bank of America’s 2024 Business Owner Report, the vast majority of mid-size small business owners (89%) plan to implement AI tools this year. They plan to use these tools to streamline their payroll and bookkeeping (57%), assist with hiring efforts (49%), and stand out from competitors (44%). Digital payment systems are also in demand for their ability to facilitate faster, more convenient transactions for consumers and businesses alike. While younger generations may have been early adopters of cashless and contactless payments, consumers across age demographics have widely adopted these payment solutions, influencing businesses large and small. An organization’s ability to adapt to changing technology and client needs also hinges on attracting and retaining great talent. At Bank of America, we are focused on building better financial lives for our clients by being a great place to work and recently increased our U.S minimum hourly wage to $24 per hour, the latest step in our commitment to $25 by 2025. From navigating consumer behavior to anticipating future needs and capabilities, innovation at every level of a business is crucial for success.

Digital advancements and research help inform our approach to advancing economic opportunity in Buffalo for our clients, teammates, and community. By implementing tools and services that align with local individuals, families, and businesses’ financial goals, we can serve our community better, more efficiently, and continue to drive positive change across the industry.