CHARLOTTE, N.C., March 2, 2023 /PRNewswire/ -- For the second year in a row, Bank of America has been certified by J.D. Power for outstanding client satisfaction with customer financial health support among banks and credit card issuers. The J.D. Power Financial Health Support Certification Program recognizes Bank of America's commitment to helping clients make better financial decisions, as well as for providing a comprehensive client experience centered around financial wellness.
"We are pleased to receive this renewed certification, as it reflects the voices of our clients and recognizes our commitment to providing an excellent customer experience," said Holly O'Neill, President of Retail Banking at Bank of America. "The financial health of our clients continues to be our focus as we work to enhance and personalize the advice, tools and guidance needed to create and maintain financial wellness. This includes educational resources and solutions that help clients build sound financial habits, manage their budgets and pursue their goals."
Developed in collaboration with Financial Health Network, a leading authority on financial health, the J.D. Power Financial Health Support Certification Program focuses on measuring and understanding customer experiences through the lens of financial health. Their analysis included voice of the customer research from Bank of America's consumer bank and card clients as well as a rigorous operational evaluation conducted by J.D. Power and Financial Health Network to assess Bank of America's infrastructure, performance, solutions and strategic direction around financial health.
The Five Pillars of Financial Health
Since first receiving this certification last year, Bank of America has continued to enhance its framework around five key pillars, which demonstrate how the bank works to empower clients to save, spend, borrow, and plan toward a secure financial future:
As part of the re-certification process, the bank demonstrated how it has advanced its strategy to better support clients, including:
- Provided financial education and guidance to address the needs of diverse communities through Better Money Habits;
- Added to the personalization of its client interactions through services such as Erica, its virtual financial assistant, and Life Plan, a digital experience that enables clients to set and track goals based on their life priorities;
- Expanded its partnership with Operation Hope and Navicore to provide free, personalized financial counselling in the U.S.;
- Made sweeping changes to overdraft services, including eliminating non-sufficient funds fees and reducing overdraft fees; and
- Expanded access to credit through a lower entry point for secured cards.
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 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 million verified digital 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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Reporters May Contact:
Susan Atran
Bank of America
646.599.3300
susan.atran@bofa.com
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SOURCE Bank of America Corporation
