article contributed by Bank of America
South Carolina business leaders have shown resiliency, taken advantage of resources, and many have successfully adapted their businesses to navigate through the pandemic. Going forward, we all must stay committed to continue to grow and achieve together.
Bank of America has served individuals and businesses in this region for more than 130 years, bringing our range of resources to local communities with the goal of helping customers and clients lead better financial lives. Our commitment encompasses all aspects of our business by driving responsible growth and advancing economic mobility through key partnerships to help individuals find long-term paths to success. We have deployed millions of dollars to local organizations that focus on addressing issues fundamental to economic mobility and social progress.
Throughout the global pandemic, our model of high-tech capabilities, together with a high-touch approach, has proven to be resilient and invaluable to our clients. So many clients across the country – and many of them right here in South Carolina – have relied on us to help them manage their financial lives as they navigate always-evolving life events and priorities. We have the flexibility to adjust to any environment.
For business leaders interested in reigniting growth and planning for financial success, we suggest reevaluating your business plan given today’s environment. Due to changing landscapes, it’s critical to evolve and adjust your business plan by mapping out key areas of need and growth and identifying any potential risk areas that you may have uncovered during the pandemic. Ask yourself, how did your business track last year against the projections you made? Are there successes you can build on? What solutions worked best for your business as you managed the impact of the coronavirus? Ensure your plan allows room for evolution and adjustment as needed.
Go digital. More people are moving to digital channels for their day-to-day financial needs. At Bank of America that shift has been significant for us as well. Our industry-leading digital capabilities are making it easier, more convenient and more secure than ever for clients to bank with Bank of America and invest with Merrill.
Businesses across the country have had to adjust aspects of their operations, including changing primary revenue streams and shifting sales from brick-and-mortar to online. Consider banking digitally to limit in-person interactions and free up time to remain focused on running your business. Connect with your banker on what digital options are available to you.
We provide access to our full range of Bank of America banking and lending and Merrill investment services digitally, however and wherever clients choose. We also offer expert financial advice on more complex financial matters from specialists via phone, chat, video conference or in a financial center.
To further emphasize this shift to digital, here are a few facts:
- We are engaging our 66 million clients 10 billion times per year, and a staggering 9 billion of those interactions are through our digital channels.
- More than 39 million clients are digitally active, including 69% of client households.
- 31 million clients are active Mobile Banking users.
- 84% of deposits are now made through automated channels (mobile online and ATM).
- 68% of consumer mortgage applications and 74% of direct auto applications are made digitally.
At Bank of America, it is our continued privilege to support the people and economy of South Carolina – through our financial services and financial health offerings and through our local community partnerships and philanthropy. Over a third of our grants are directed to educational programs and workforce development to help people succeed – in school, in financial health and in being prepared to enter the workforce.
About 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 4,200 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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