BofA Tops Digital Channels Ranking as a 2022 Greenwich Leader

The CashPro® Platform Drove Results in Digital Transformation Benchmarking Study

Bank Also Received Multiple Rankings in U.S. Large Corporate Banking and Cash Management Studies

Bank of America’s CashPro® platform has received top rankings in Coalition Greenwich’s annual Digital Transformation Benchmarking study in the Digital Channels and Relationship Manager Enablement Categories. Coalition Greenwich conducts an annual assessment of leading banks technical capabilities and platform functionality. Bank of America also earned recognition as a 2022 Coalition Greenwich Excellence Leader.

Ranking highlights:

Digital Transformation Benchmarking Rankings – Corporate Segment

• #1 Overall Digital Channels Module
  • #1 CashPro Mobile App
  • #1 CashPro Online (tied)
    • #1 Online Portal Design (tied)
    • #1 Online Portal Security
    • #1 Online Portal Product Capabilities
• #2 Payments & Treasury Management Module
  • #1 Analytics and Insights Category

2022 Greenwich Excellence Awards – U.S. Large Corporate Banking

• Proactive Provision of Advice
• Knowledge of Transaction Banking Needs
• Overall Digital Experience
• Frequency of Contact
• Coordination of Product Specialists

2022 Greenwich Excellence Awards – U.S. Large Corporate Cash Management

• Quality of Advice
• Digital Platform Design
• Digital Platform Functionality
• Digital Platform Security Capabilities
• Real-Time Execution of Payments
• Real-Time Insights and Analytics on Payments and Receivables
• Integration with Corporate IT Systems
• Frequency of Contact
• Timely Follow-Up

Following many years of consistent investment, CashPro leads the industry in developing new and better capabilities that can help companies optimize the management of their treasury and credit needs. Enhancements are funded by the bank’s $3.5 billion annual new initiative technology spend.

“Every day, thousands of businesses entrust CashPro to conduct essential tasks such as paying their employees or managing working capital,” said Tom Durkin, global head of CashPro in Global Transaction Services at Bank of America. “The findings from Coalition Greenwich validate the investments we’ve directed into making banking easier and more secure, while helping clients to extract insights from their data to make more informed decisions.”

“The CashPro team has done a terrific job driving the platform forward with a client-centric emphasis on accessibility. The CashPro mobile app sets the platform apart with intuitive design and cutting edge functionality, such as biometric authentication to create a seamless user experience. The bank’s focus on innovation reflects a deep commitment to the Corporate client,” said Chris McDonnell, head of Community, Commercial and Digital Banking at Coalition Greenwich.

Coalition Greenwich is a leading provider of strategic benchmarking, analytics and insights to the financial services industry. They specialize in providing unique, high-value and actionable information to help clients improve their business performance.

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 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital 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.

“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2023 Bank of America Corporation. All rights reserved.

Source – Bank Of America