North America's best digital bank 2020: Bank of America

If there is one thing that will test a bank’s digital and technology platform it is a global pandemic. The investment that Bank of America has put into all of its digital offerings over the last few years became truly apparent over the first few months of 2020; and it wins the award for North America’s best digital bank.

“Sixty thousand new understandings regarding pandemic assistance were added to Erica in the first few months of the year,” says Aditya Bhasin, head of consumer, small business and wealth management technology.

Erica is the bank’s AI-driven virtual financial assistant, and millions of clients have turned to her for the first time this year, many of whom were baby boomers. Launched in 2018, the number of Erica users had grown to roughly 14 million by May 2020.

Helping its clients make the switch to mobile this year has also been imperative as stay-at-home orders were imposed due to the coronavirus pandemic.