Bank of America announced in a recent study that more than 85% of its small business clients are utilizing digital channels, and digital engagement is up overall 15% over last year.
According to the release[1], nearly 50% of all sales made have been digital, with an almost 300% increase in digital sales for small businesses over pre-2020 levels. The suite of financial management tools offered by Bank of America contributed to the small business growth.
"Similar to consumer clients, business owners are increasingly turning to digital solutions to manage and grow their businesses, and now, 85% of Bank of America small business clients are digitally active," a spokesperson for Bank of America told ZDNet.
The bank offers a wide array of services for small business owners to take advantage of, like its Small Business Resource[2] hub, featuring expert advice for prospective business owners looking to get started, or for current businesses owners looking to grow. There's a Cash Flow Monitor[3] that keeps track of cash, credit, and debit spending for the business, Zelle for Business[4] to make fast, secure payments, Business Credit Score[5] and CashPro Forecasting to help predict and track future cash flows.
In a J.D. Power study[6] measuring small business satisfaction, the data analytics and consumer intelligence company found that more banks and payment processors are starting to offer a larger suite of programs promoting the financial wellness of their clients. The study also found that how transparent banks are and how competent clients feel using the digital channels affects satisfaction.
Paul McAdam, senior director of Banking & Payments Intelligence with J.D. Power, told ZDNet that small business owners who take advantage of these digital resources