The data: Bank of America’s (BofA) release of data on 2025 digital interactions and transactions revealed 3.2 billion Erica virtual assistant interactions and 25 million customers adopting Zelle.

Digging into the data: BofA’s data provided digital engagement metrics that cover the behaviors of retail and commercial customers:

• Log-in and alert volume: The bank reported 26.6 billion digital log-ins and 13.3 billion alerts sent. Alert subscribers grew to over 38 million.
• Digital usage penetration: Over 80% each of three client groups—consumer, small business, and wealth management—used the bank’s digital channels.
• Virtual assistant (Erica) interactions: 20.6 million customers used Erica nearly 700 million times, which included “personalized guidance,” according to the bank.
• Peer-to-peer (P2P) (Zelle) usage and transaction volume: Users sent and received 1.8 billion transactions worth $556 billion. Small businesses accounted for more than 200 million payments and $126 billion.

Zoom out: In the past six months, BofA introduced some major additions to its digital services in several verticals:

• In February, it said it plans to relaunch its loyalty program in May, expanding rewards to all personal checking account customers and introducing new benefits.
• In November, it introduced 401(k) Pay, designed to help employees create a retirement income plan.
• In September, it introduced "Capital Markets Insights" for its CashPro app, which centralizes market data.

Implications for banks: Scaling services via digital banking—across business segments—is increasingly important.

Digital banking for consumers and small businesses is table stakes: Consumer and small business channels—via digital usage, P2P transaction volumes, and virtual assistant use—justifiably get attention, because adoption is so high. But they should also consider how digital tools are advancing for commercial clients. Cash management services are increasingly mobile, and competition is not limited to banks.