CEO, Bank of America
CEO, Bank of America
Pandemic-related disruptions and uncertainties caused by geopolitical tensions and an anticipated recession have underscored the importance of an enduring approach to running an organization. Bank of America CEO Brian Moynihan points to a strategy of responsible growth that the company has adopted to deliver on its purpose, irrespective of economic conditions.
“We have a straightforward strategy of serving three groups of clients—people, companies of all sizes and institutional investors—through eight lines of business. We deploy our capabilities, expertise and balance sheet to help our clients achieve their financial goals, while focusing on deepening relationships with our current clients and earning the trust of new ones,” he explains. “This approach positions us well to serve our clients through all economic conditions, while at the same time continuing to invest to support the needs of our teammates and our communities.”
To fulfill client expectations, the bank has increasingly relied on technology channels, on top of the nationwide network of financial centers for in-person support. In 2021, Bank of America saw record client engagement across its digital platforms. More than 72% of all the households served by the bank are using digital channels for more of their day-to-day needs and to plan for what’s ahead. Eighty-seven percent of the bank’s small business clients are engaged online. Additionally, more clients are using Erica, the bank’s virtual financial assistant. Powered by artificial intelligence, Erica conducted about a half-billion interactions in 2021.
“We deliver a wealth of services through our digital platforms for all clients, across all lines of business. These benefits are equally accessible and applicable across all demographics. And we are constantly exploring ways to expand and interconnect these tools to deliver a more seamless, personalized experience for each client that spans and supports their entire relationship with us,” says Moynihan.
The long-term thinking permeates the bank’s approach to its employees. “We want employees to develop a long, fulfilling career with our company, so we focus on providing support from their hire date through retirement,” says Moynihan. “In order to deliver for our clients and communities, we must be a great place to work for our employees. We are investing in benefits, programs and resources to provide a leading employee experience. We support employees’ physical, financial and emotional wellness; recognize and reward performance; cultivate an inclusive culture; and provide opportunities to grow and develop.”
Moynihan is cognizant of what business organizations owe the future, and their responsibility for clients, teammates, shareholders and communities. “We firmly believe our role is to drive both profits and progress. We need to align capitalism to produce this progress because, as a practical matter, the only way progress is going to be made is through the involvement of the private sector. Only the private sector has the funds, innovation and long-term thinking needed to deliver the things our communities need,” he says.