Bank of America Institute
"Consumers want the flexibility to return products, but this is costly for retailers. A 2024 National Retail Federation (NRF) survey of large U.S. retailers put the total cost at $890 billion, with the return rate in 2024 more than double that in 2019. Bank of America credit and debit card data also suggests still-high rates of return across retailers of all sizes, at 4.5% in 2025 year to date (YTD)."
CryptoRank
"In a milestone that marks the growing fusion of traditional finance and blockchain technology, Bank of America has extended its partnership with Ripple by integrating Ripple's RLUSD stablecoin within its internal payments workflow. The development is not just a milestone for Ripple (XRP) but also a watershed transformation in how major financial institutions are adopting digital assets and stablecoins as legitimate payment instruments."
Bank of America
"Gen Z (ages 18-28) is finding adulthood more expensive than expected. Facing this, nearly three quarters of them are taking action to improve their financial health, according to Bank of America’s 2025 Better Money Habits® financial education study. Key findings from the study include: Nearly two-thirds (64%) focused on reducing expenses – 41% cut back on dining out and 23% shopped at more affordable grocery stores."
Bank of America Institute
"Online retail spending growth has outpaced total services spending for the last several months, according to Bank of America's aggregated credit and debit card spending. Seasonal promotions and discounts appear to continue to draw consumers in, with spending during online promotions stronger than in previous years. Though brick-and-mortar retail spending is generally boosted by these promotional periods as well, online shopping seems to be the preferred form of retail therapy. Why? One contributing factor could be an increased use of buy now, pay later (BNPL)."
Tearsheet
"Bank of America transformed its customer chatbot Erica into an employee productivity powerhouse, achieving 50% IT service desk automation by strategically targeting common pain points and building adoption incrementally over five years."
Bank of America
"Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. The bank is one of the first financial institutions to enable its corporate customers to send payments up to the new transaction limit."
Bank of America Institute
"Despite strong wage growth, high cost of living is weighing on Gen Z, prompting them to spend twice as much as they are saving. Spending growth on necessary and discretionary items among Gen Z has been faster than the overall population, according to Bank of America credit and debit card data. While their bank deposit balances provide a buffer, Gen Z spending was nearly twice as much as they had in savings, possibly as the high cost of living exerts financial pressure."
Bank of America
"Bank of America uses innovative technology to meet and anticipate the needs of its clients and 213,000 employees. For many years, this commitment has carried through in its approach to AI and machine learning. The technology is embedded today across the company’s business lines and areas including global technology, operations, and training."
Tearsheet
"Sometimes a bank chooses to build a feature that sets the tone for the industry. Today's story is a case study into such a case, where Bank of America's Hari GopalKrishnan dives into how the bank developed its digital assistant and how its role has expanded over the years."
Yahoo Finance
"Bank of America (BoA) CEO Brian Moynihan confirmed this week that the company is ready to enter the stablecoin market once U.S. lawmakers provide regulatory approval. Speaking at the Economic Club of Washington, D.C., Moynihan said, “If they make that legal, we will go into that business.” He compared stablecoins to money market funds or traditional bank accounts, emphasizing their potential role in financial transactions."
PR Newswire
"Digital interactions by Bank of America clients grew 12% last year, reaching an all-time record 26 billion interactions through a combination of digital logins and proactive alerts. Innovative digital capabilities are enhancing experiences for the company's more than 58 million verified digital clients and helping to drive business growth."
PR Newswire
"In time for the holiday season, all eligible Bank of America credit and debit cards are now enabled with PazeSM, a fast and streamlined online checkout solution. Paze includes card tokenization, so that a cardholder's 16-digit credit or debit card number is not shared with participating online merchants."
Bank of America
"By the end of 2024, Bank of America corporate clients will have made over $1 Trillion in payment approvals on the bank’s CashPro App, the mobile application that companies use to manage their treasury operations. This will represent a more than 25% year-over-year increase in payments approved via the app, illustrating that clients are further utilizing the technology for its enhanced security and convenience."
Bank of America
"Bank of America's commitment to innovation has led to a 94% increase in artificial intelligence (AI) and machine learning (ML) granted patents and pending patent applications since 2022. Today, the company has nearly 1,100 AI and ML patents and pending applications in its portfolio, with more than half having already been granted."
FX News Group
"Bank of America has expanded its Virtual Payables capabilities in EMEA1 with the launch of Virtual Payables Direct. The business-to-business (B2B) payment solution provides buyers with the usual working capital advantages of a card transaction – such as extended payment terms – in addition to a new enhancement that allows suppliers to be paid via a direct bank transfer."
MarketWatch
"Bank of America customers sent 244 million payments on Zelle in the second quarter, up from 197 million in the year-earlier period. Checks written in the second quarter fell to 100 million from 111 million in the second quarter of 2023."
PR News Wire
"Bank of America unveiled a powerful transaction search engine with integrated investigation capabilities on CashPro."
PR Newswire
"A majority of small and mid-sized business owners expect their revenues to increase this year, and their worries over a recession have declined substantially, according to the 2024 Bank of America Business Owner Report, conducted in partnership with Bank of America Institute."
PR Newswire
"Bank of America has launched a massive update to its mobile app, reimagining how clients interact with their finances. As digital engagement continues to soar, 57 million digital clients can now view and manage their full financial lives through a new, unified digital platform that consolidates five apps – Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank and Benefits OnLine – into one personalized experience."
PR Newswire
"Bank of America and Starbucks Coffee Company announced a new partnership that offers Bank of America cardholders and Starbucks Rewards® members in the U.S. the ability to earn even more benefits by linking accounts."
Bank of America
"Bank of America announced the launch of CashPro Insights, a digital tool that analyzes information flowing through the CashPro platform."
PR Newswire
"Keynova Group, announced the results of the Q4 2023 edition of its semi-annual Online Banker Scorecard with Bank of America once again ranks No. 1 with the highest Overall Score for its digital customer experience in Keynova Group's competitive evaluation of 18 leading U.S. retail banks."
Voicebot.ai
"Bank of America customers have interacted with its AI assistant Erica more than 1.5 billion times since its 2018 debut, according to the bank. The AI-powered chatbot responds to more than 56 million requests per month..."
PR Newswire
"As part of a multi-year effort to transform trade finance, Bank of America is launching CashPro Supply Chain Solutions, a platform that will offer participants in a supply chain the benefits of digitization with improved process efficiency and working capital optimization."
Bank of America
"Bank of America is announcing the launch of its award-winning, alias solution, Global Digital Disbursements to its commercial clients holding deposit accounts at the bank’s branch in Canada...Canada is the first market where the “Request for Pay” feature will also be available with Global Digital Disbursements."
Bitcoin News
"Bank of America has provided its analysis of Paypal’s U.S. dollar stablecoin and the Fednow payments system."
Reuters
"Bank of America on Tuesday agreed to pay $250 million in fines and compensation to settle claims the bank systematically double-charged customers fees, withheld promised credit card perks, and opened accounts without customer authorization."
CNBC
Several banks are reportedly working on a digital wallet that links with debit and credit cards to compete with Apple Pay and PayPal. According to the Wall Street Journal, the digital wallet would be operated by Early Warning Services, a joint venture from several banks that also runs Zelle. The major banks involved include Wells Fargo, JPMorgan Chase and Bank of America, according to the report.
PR Newswire
"Bank of America Institute released new analysis today which shows that, while 2022 was a solid year for consumer spending, the New Year brings with it cross-currents for U.S. consumers, including a potentially weaker job market and easing inflation pressures in 2023. Although January and February are typically lighter months, New Year resolutions to get healthy may provide some support for spending. BofA aggregated credit and debit card data indicates 2022 was a strong year for consumer spending, with total card spending per household up 5.9% year-over-year (YoY)."
PR Newswire
“Bank of America Institute released a new publication today which shows that the American consumer continues to remain in good shape throughout the course of 2022 and is starting 2023 similarly. Median household savings and checking balances remain well above pre-pandemic 2019 levels across all income cohorts. While there are increasing signs that these “buffers” are being drawn upon – likely due to high inflation and rising housing costs – they should be available for some time yet. Most consumers across the income distribution are not spending more on credit relative to debit cards compared to 2019 levels. Only those with incomes above $100k appear to be spending relatively more on credit cards, though this is likely a function of increased spending instead of accumulation of higher credit card debt.”
