Bank of America today announced that its wealth management businesses, including Merrill Lynch Wealth Management and Bank of America Private Bank, have been recognized by The Digital Banker's 2021 Global Private Banking Innovation Awards.1.
These awards recognize the world's best private banks, wealth managers and asset managers for championing innovation across the industry.
Bank of America Private Bank was named 'Best Private Bank in North America' for its extensive resources and expertise in serving the complex financial needs of high net worth individuals and families.
Merrill Lynch Wealth Management was also recognized for 'Best Use of Technology in Wealth Management' for its Digital Wealth Overview, a personalized and interactive video offering clients a modern wealth management experience and more complete view of their financial lives.
Bank of America invests $10 billion annually in technology, including $3.5 billion on new initiatives. Prior to the pandemic, the company spent several years modernizing its wealth management businesses. The pandemic further demonstrated the value of these ongoing investments, which helped the company deliver seamlessly for clients during this period. Today, 80% of wealth management clients are actively using digital capabilities for more of their needs, and adoption continues to accelerate as all generations embrace the ease and convenience of digital channels.
These businesses have received multiple industry accolades this year for digital leadership and innovation, the modernization of client- and advisor-facing platforms, and outstanding technology initiatives.
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 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 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 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC, and a wholly owned subsidiary of Bank of America Corporation ('BofA Corp.').
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as 'MLPF&S' or 'Merrill') makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of BofA Corp. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
Investment products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
Reporters May Contact:
Susan Atran, Bank of America
Phone: 1.646.743.0791
susan.atran@bofa.com
BANK OF AMERICA CORPORATION 
