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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America    BAC

BANK OF AMERICA

(BAC)
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Bank of America : Mobile Banking App Ranked as a Leader Among U.S. Banks by Independent Research Firm

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05/16/2019 | 09:18am EDT

Bank of America was today recognized as a leader in The Forrester Banking Wave™: U.S. Mobile Apps Q2 2019 report.

  • Bank of America received the top ranking in three evaluation criteria, including self-service features, privacy and security cues, and content, and ranked among the highest in progress and workflow.
  • Bank of America achieved an overall score 10 points higher than the evaluation average, and was one of only two U.S. banks to meet or exceed the average in 10 of 11 evaluation criteria.
  • According to the report, Erica®, the bank's artificial intelligence (AI)-driven virtual financial assistant, is a 'linchpin' within the Bank of America mobile app, serving as a 'proactive guide' and a 'curator of personalized insights about the customer's spending and financial life.'

'Our digital services go beyond financial transactions to deliver what our clients want today and in the future,' said David Tyrie, head of advanced solutions and digital banking at Bank of America. 'With more than 27 million mobile clients, we are dedicated to providing an unmatched user experience that will help people better manage their financial lives.'

As mobile apps have become the touch point of choice for millions of Americans to manage their finances, Forrester, a leading global research and advisory firm, evaluated the functionality and user experience of apps from established U.S. banks and one new digital banking provider. The report ultimately sought to evaluate how helpful and easy-to-use mobile banking apps are to customers.

Forrester found that 'U.S. mobile banking experiences are often effective, sometimes easy, but rarely evoke positive emotions.' In examining scores of individual banks, Forrester found no category in which 'Bank of America falls far short of customer expectations - something no other U.S. bank achieved.'

Bank of America's digital banking platform is an evolving source of increased client engagement and satisfaction, serving more than 37 million digital clients, including more than 27 million active mobile users. Earlier this year, Bank of America became the first financial services company to be both mobile app- and online banking-certified by J.D. Power for providing 'An Outstanding Customer Experience.' During the first quarter of 2019, clients logged into the Bank of America mobile app 1.5 billion times and deposited 34 million checks via mobile. To learn more about Bank of America's digital offerings, visit bankofamerica.com.

Bank of America
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 provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,400 retail financial centers, including approximately 1,800 lending centers, 2,200 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,500 business centers; approximately 16,400 ATMs; and award-winning digital banking with more than 37 million active users, including over 27 million mobile users. Bank of America is 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 3 million small business owners 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

www.bankofamerica.com

Bank of America, N.A. Member FDIC © 2019 Bank of America Corporation.

# # #

Reporters May Contact:
Betty Riess, Bank of America, 415.913.4416
betty.riess@bankofamerica.com

Disclaimer

Bank of America Corporation published this content on 16 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2019 13:17:04 UTC

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Financials ($)
Sales 2019 92 973 M
EBIT 2019 38 787 M
Net income 2019 27 180 M
Debt 2019 -
Yield 2019 2,51%
P/E ratio 2019 9,63
P/E ratio 2020 8,75
Capi. / Sales 2019 2,82x
Capi. / Sales 2020 2,75x
Capitalization 262 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 32,9 $
Spread / Average Target 20%
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Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant President-Global Product Solutions & CMO
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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