Bullish options flow was detected in BAC stock on December 12, 2019.

Bullish options flow in BAC stock on December 12, 2019.

On December 11, 2019, Bank of America announced that its artificial intelligence (AI)-driven virtual financial assistant, Erica®, has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks. These milestones coincide with the introduction of several new Erica insights within the bank’s award-winning mobile app that offer clients personalized, proactive guidance to help them stay on top of their finances.

“Erica is ushering in a new era of personalized banking and providing our clients never-before-possible convenience,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Our high-tech capabilities together with our high-touch approach deliver a more intuitive and efficient banking experience for our clients across all channels.”

The latest enhancements to Erica include a new Refund Confirmation Insight through which clients are proactively notified when a merchant refund is posted and available to use in their checking, savings or credit card accounts.

Erica also provides new insights for members of Bank of America’s Preferred Rewards program, a first-of-its-kind loyalty program that recognizes the value of a client’s entire relationship with the bank. In addition to alerting clients when they are eligible for the program and guiding them through the enrollment process, Erica now proactively notifies members when they’re within $10,000 of the next Rewards program tier, enabling them to see how much more they could earn at the next tier and offering guidance on how to qualify. Six million clients are Preferred Rewards members, with access to an array of perks and benefits across their entire banking and investing relationship.

Additionally, the following enhancements to Erica will be introduced early next year:

New Card Merchant List Assistance: After receiving a replacement debit or credit card, Erica will proactively provide clients a list of merchants and subscription services where their card information may be stored, making updates easier. Clients can also ask Erica for a list of companies that have their card on file at any time.
Duplicate Merchant Charges Insight: Erica will alert clients when they may have been charged more than once for a purchase so they can take immediate action. Erica will then guide them through the process of filing a dispute when necessary.
Nation’s most mobile banking cities

Bank of America also revealed today new insights into the adoption of mobile banking among its 29 million mobile clients nationwide. Today, 60 percent or more of Bank of America clients in 17 major cities are actively using the company’s award-winning mobile experience.1

Memphis, Tenn., known as the home of the blues and birthplace of rock ‘n’ roll, now has another designation – Bank of America’s most mobile banking city, with nearly two-thirds (65 percent) of clients actively using the company’s mobile app. Nashville, Tenn. takes the second spot with 64 percent.
Closely following are Atlanta, Charlotte, N.C., Dallas, Orlando, Fla., and Raleigh, N.C. at 63 percent each; Houston at 62 percent; and Austin, Texas, Boston, Miami, and New York City at 61 percent.
Rounding out the top mobile banking cities at 60 percent each are Chicago, Knoxville, Tenn., Philadelphia, Richmond, Va., and Washington, D.C.
Approximately 30 percent of Bank of America mobile clients nationwide have interacted with Erica, with the highest rates of adoption occurring in Memphis, Tenn. (34 percent); San Antonio, Texas and Las Vegas (31 percent); and Albuquerque, N.M., Buffalo, N.Y., Chicago, Oklahoma City, Okla., and Providence, R.I. (30 percent).
Even more, Bank of America found that in nearly 100 major cities across the country, at least 50 percent of clients are active mobile banking users – including in several cities known for being tech-savvy, such as Los Angeles, San Diego, San Francisco, Seattle and Tampa, Fla.2

“Whether it’s Erica, Preferred Rewards or mobile banking and investing, we’re providing clients the technology, benefits and resources to help them reach their financial goals – meeting them where they are, and through the channels they prefer,” added Tyrie.

On December 9, 2019, Bank of America announced the expansion of unlimited commission-free online stock, ETF and option trading to all Merrill Edge Self-Directed investors. Zero-dollar trades, together with the firm’s powerful combination of personalized guidance, straightforward tools, professional expertise and the industry-leading Preferred Rewards program, ensure Bank of America and Merrill clients can pursue their financial goals through a complete continuum of banking and investing solutions.

“We first introduced zero-dollar trading in 2006, expanded it to unlimited free online trading for all Preferred Rewards members this fall, and are now making it available to all of our self-directed clients,” said Aron Levine, head of Consumer Banking and Investments at Bank of America. “With free trades now an industry standard, attracting clients and building lifelong relationships will depend even more on the value investment firms bring to the table. Our award-winning service, innovative solutions, and unmatched benefits support clients throughout their entire financial journey and during every stage of their lives.”

Turning ideas into action – The award-winning Merrill Edge Self-Directed platform delivers a personalized investing experience to clients through:

Insightful research: Clients gain valuable insights into what’s driving the market through research and perspectives from a range of resources, including award-winning BofA Global Research, CFRA (powered by S&P Global) and Morningstar.
Informed investing: Self-Directed clients can evaluate stocks, funds and their portfolios through Merrill’s patent-pending Stock Story, Fund Story and Portfolio Story capabilities, which provide engaging experiences that help clients make more informed investing decisions.
Best execution: Trade execution is a critical factor in determining investing success. Merrill optimizes and continuously monitors trades and does not accept payment for order flow.

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