Bank of America tackles financial health head on

Financial health has always been a major issue for banks, but now it is becoming absolutely critical. As many consumers struggle in the aftermath of COVID-19 and higher gas prices and supply chain issues, banks are making changes to help support their customers.

For example, many banks have begun eliminating or severely curtailing overdraft and non-sufficient funds fees as a way to help vulnerable customers. Other banks are also developing other financial health tools to help customers plan out their financial goals.

Recently, J.D. Power reviewed financial institutions on how they are handling financial health. Bank of America passed its evaluation process and earned a financial health certification from J.D. Power.

To learn more about how Bank of America is addressing financial health, ATM Marketplace spoke with Ashley Ross, client care executive at Bank of America.

Q.What does J.D. Power look for when it comes to certifying organizations?

A.As part of the financial health certification process, J.D. Power evaluated Bank of America and other financial institutions through a rigorous process that involved reviewing nearly 100 best practices, using client feedback obtained through surveys.

Specifically, J.D. Power evaluated financial institutions' ability to support customers striving to improve their own financial health, and adherence to industry best practices for building and maintaining sustainable consumer financial health programs.

Q.How did Bank of America meet these standards?

A.Over many years, we've developed a holistic framework to support the financial health of our clients. This framework is based around five key pillars, as follows:

We're focused on simplifying our clients' finances through basic, transparent products and services. For example, our suite of Essential Solutions is designed to help our clients to budget, save, spend and borrow carefully, building financial confidence and working towards financial freedom.

We're helping clients manage their money by providing access to digital tools that help them set goals, track spending and enhance financial security. We launched Life Plan just over a year ago, and already, more than 5 million clients have set and tracked near- and long-term goals based on their life priorities.

• Clients can leverage our experts to get the advice and solutions they need. Help is available in person at one of our 4,200 financial centers, over the phone, or through our digital capabilities.
• Clients can build knowledge and obtain credible financial education and resources. For example, Better Money Habits is Bank of America's free financial education platform that offers resources and advice on topics ranging from budgeting and saving, paying down debt, homeownership, retirement, and more.
• Clients can get help when needed, accessing assistance when significant events occur.

Q.What are some steps financial institutions need to take to improve financial health of its customers?

A.Millions of Americans can benefit from a partner that helps them improve their financial health. Consumers are turning increasingly to their banks for expert advice to help navigate important financial decisions. Financial institutions must ensure they're offering the personalized solutions clients need to build their financial health and succeed on their financial journeys, recognizing everyone's goals and priorities are different.

Personalization is at the center of everything we do — tailoring products, solutions, advice and guidance to serve our clients' unique needs. We anticipate client needs based on the goals they've shared and celebrate client relationships by sharing new benefits, exclusive rewards, and personalized experiences.

Q.What are some innovative products or services you see on the horizon that will help improve customers' financial health?

A.We're always looking at innovations in technology that deliver a safe and seamless customer experience while helping our customers manage their financial lives. Already, the Bank of America mobile app delivers a personalized and seamless digital experience, providing a consolidated view of clients' banking and investment accounts all in one place. To further simplify their financial lives, we will soon be rolling the functions of all of our existing apps, mobile banking, private banking, prepaid and others, into a single BofA app. This app will serve as a center hub for all of clients' banking needs, continue delivering a more seamless experience.