Bank of America is Paying Customers $15 to Use their App

Bank of America is Paying Customers $15 to Use their App

Bank of America is Paying Customers $15 to Use their App

Bank of America (BOA) is handing out free money to customers. The catch? They must complete a few transactions using the BOA mobile app. 

Specifically, customers must use the app to deposit a check, send money via Zelle, and use the mobile bill pay function. If they complete these three tasks before Jan. 17 2020, they will receive $15 in their account. No strings attached. 

But what’s the purpose behind this free money?

The 240 year old company isn’t just feeling generous this holiday season. Their reasoning is actually more financially motivated. As the second largest bank in the United States, Bank of America paying $15 for new accounts using mobile banking is not only great for customers. The promotion actually has the potential to save the company millions. 

Bank of America: A strong tech presence

Bank of America (BOA) is the seventh-largest bank in the world with operations in over 35 countries. They haven’t achieved their success by just standing on the sidelines, though. They have taken the initiative over the years to lead the way in innovation for banking and financial services. 

The company’s CEO, Brian Moynihan, has characterized the bank as a “technology company wrapped around a great bank”. In 2018, the company even acquired “more patents from the U.S. Patent Office in 2018 than any other bank, most related to advances in technology”. 

Digital Transformation: A lucrative investment

This investment in tech gives the company a competitive advantage against other banks in a number of ways. 

First of all, BOA’s customers benefit from the flexibility and simplicity that comes with mobile banking. Instead of having to drive to their closest bank to deposit a check, they can do it from their home. They can even send friends and family money with just a few clicks; making splitting bills and sending payments easy. As people become more familiar with this technology, they expect it and will stay with banks who make their lives easier. 

In addition to happier customers, the bank also saves money from a reduced workforce. When customers are able to do more from home, there is no longer a need to employ as many staff. This also reduces costs for office spaces. 

Not only that, but the mobile app also helps to make customer interactions at physical bank locations more meaningful. According to BOA’s recent reporting, nearly 13% of traffic at physical banks ‘came from appointments set up digitally, as opposed to walk-ins’. This enables staff to be better prepared for these meetings and give higher quality customer service.  

Reduced expenses and happier customers definitely keep investors more than satisfied with BOA. Always anticipating what’s next, investors stay engaged and excited about what BOA has in store for the future.  

Introducing BOA’s Latest Innovation: Erica

Online banking has come a long way since 2009 when the first check was deposited via smartphone. Since then, developments in artificial intelligence (AI) technologies and machine learning have further enhanced mobile banking capabilities. 

BOA’s latest innovation is the creation of its own virtual assistant called “Erica”. Similar to Amazon’s Alexa or Apple’s Siri, Erica uses AI to help answer customers’ questions and assist with finding information. Customers can use voice command or text, and Erica is right there to help them. 

Since its launch in June, Erica has completed over ‘100 million client requests’ and has over 7 million active users. 

New Promotion: Bank of America paying $15 for new accounts

Knowing the context of their digital transformation, Bank of America paying $15 for new accounts who use mobile banking makes perfect sense. 

By giving an incentive to use the app, BOA can both reduce costs and make customers’ lives easier. Older customers are sometimes more reluctant to try new technologies, however they may be more inclined to try it if they are paid. Once they try, they’re one step closer to becoming hooked like other customers. 

This incentive also helps customers do more with the app. According to reports, BOA wants customers to use the app to do more than just check their balance. They want them to actually use it to complete tasks. 

To get the free money, all eligible customers have to do is complete three tasks before Jan 17. The first task is to deposit a check via the mobile app. The second task is to use Zelle to transfer money to someone else, and the third task is to use mobile bill pay. Once these tasks are complete, the $15 is available. 

Customers can check if they’re eligible for this promotion by either downloading the app or asking a teller. 

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