Bank of America launches new digital tools to help entrepreneurs
Business Advantage 360 is a new digital dashboard which aims to make it easier for entrepreneurs to manage the various financial aspects of their business.
Bank of America today introduces Business Advantage 360, a new digital dashboard which aims to make it easier for entrepreneurs to manage the various financial aspects of their business.
The solution, which is initially made available to any Bank of America client with a business deposit account, provides a complete view of business cash flow and access to real-time expertise and guidance – all in one simple tool with new functionality.
“Business Advantage 360 will help entrepreneurs save time and money, by providing a more complete financial picture of their business,” explained Sharon Miller, managing director, head of small business at Bank of America.
Business Advantage 360 offers a variety of functionalities in order to make it easier for entrepreneurs to manage their business, including:
- A new, streamlined view of key transactions, major expenses, credits and debits.
- Automatic cash flow projections based on scheduled transactions.
- Manually adjusting cash flow projections to account for additional data, such as new sales.
- Setting cash flow thresholds, creating time for proactive adjustments.
- The ability to connect with experienced small business bankers for guidance in just one click.
Future capabilities of the tool are expected to deepen the cash flow insights, provide general market research and analysis, and enable clients to manage items such as payroll and human resources, payments and invoices, merchant services, tax accounting, goal-setting and forecasting.
Business Advantage 360 is built directly into the Bank of America online and mobile banking platforms, and is set to become available to all clients by the end of February. The no-cost tool does not require enrollment and is accessible through a link on the main pages of the Bank of America online and digital banking portals for small business clients.
Let’s note that Bank of America’s consumer banking segment continues to see growing digital use, as indicated by its report for the final quarter of 2018. The bank marked 36.3 million active digital banking users; 26.4 million active mobile banking users, as well as 1.5 billion logins to its consumer banking application. Digital sales accounted for 27% of all Consumer Banking sales, whereas 49% of all digital sales came from mobile.
Speaking of digital use growth, let’s note that the number of CashPro Mobile users surged 104% YoY, whereas logins were up 186% in 2018. Volume of Intelligent Receivables, which uses AI to match payments and receivables, grew five times YoY. Digital Disbursements, the business-to-consumer payments solution that leverages the bank’s investment in Zelle, saw domestic volumes grow 66% in 2018.