Bank of America Unveils New Mobile Capability to Apply for Business Advantage Term Loans and Credit Lines
July 19 2017 - 08:00AM
Business Wire
Additional Enhancements Include Loan
Application Pre-Fill Feature, and Real-Time Access to Small
Business Specialists
Bank of America today announced enhancements to its mobile app
experience that add on-the-go convenience to small business banking
and lending. With the suite of updates, Bank of America small
business clients can now apply for a Business Advantage Term Loan
or Business Advantage Credit Line from any Bank of America digital
platform - including the Bank of America mobile banking app, and
bankofamerica.com.
“Our new small business mobile lending experience delivers a
convenient, on-the-go solution to meet the needs of today’s busy
entrepreneurs,” said Sharon Miller, head of Small Business Banking
at Bank of America. “Our high-tech, high-touch approach provides
our 3 million small business clients the capability to bank how,
where and when they want – including applying for financing
anywhere, at any time. This is another way we are providing a
competitive advantage for our clients.”
More than 1.3 million small business clients are active users of
the Bank of America mobile banking app, an increase of 14 percent
over the past year. Bank of America continues to enhance the
digital capabilities available to small business clients,
including:
- A loan product tool that helps small
business clients find the right loan for their needs.
- A monthly loan payment calculator.
- Real-time access to small business
specialists via online chat or phone.
- Convenient in-person appointment
scheduling to meet with a small business banker.
“Technology is continuing to shift small business financing
toward a more streamlined digital experience,” said Michelle Moore,
head of Digital Banking. “With new mobile updates such as enhanced
small business research tools and a seamless connection to our
banking specialists, Bank of America is delivering on our promise
to bring industry-leading technology solutions to help our small
business clients achieve their goals.”
Bank of America Business AdvantageSmall businesses are
the growth engine of the U.S. economy, and more than 3 million
entrepreneurs turn to Bank of America® Business Advantage to help
their businesses grow. Our small business specialists provide
banking, credit and cash management solutions for our small
business clients. As a part of our commitment, Bank of America
originated more than $11.6 billion in new small business lending in
2016, a 9 percent increase over the previous year.
Bank of America’s Mobile Banking leadershipWith nearly 23
million active mobile users and growing, Bank of America’s mobile
banking platform is an evolving source of increased customer
engagement and satisfaction. In 2016, mobile banking customers
logged into their accounts nearly 3.8 billion times. During that
same period, customers made more than 25 million P2P transfers and
105 million mobile bill payments, a growth of 64 percent and 28
percent, respectively, over 2015. Customers also used their mobile
devices to deposit more than 103 million checks, receive nearly 1.1
billion text and push alerts, and access their free FICO scores
15.6 million times. More customers are opening new accounts through
mobile, with sales increasing by 38 percent over the past year.
Bank of AmericaBank 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
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 34
million active users, including 23 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 in all
50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news, and click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: http://www.businesswire.com/news/home/20170719005058/en/
Reporters May Contact:Don Vecchiarello, Bank of America,
1.980.387.4899don.vecchiarello@bankofamerica.com
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