Banking

BoA To Open 500 New Retail Branches

Bank of America (BoA) announced news on Monday (Feb. 26) that it’s opening more than 500 new branches across the U.S. over the course of the next four years.

In a press release, the bank said the 500 new branches include a move into the state of Ohio, offering retail banking services in Cincinnati, Cleveland and Columbus. The financial institution said it already provides commercial and business banking in the state via Merrill Lynch. The growth in Ohio, according to BoA, follows similar growth in Denver, Minneapolis and Indianapolis. The bank recently announced plans to expand in Pittsburgh, as well.

In addition to opening new branches, the company plans to overhaul more than 1,500 financial centers, stocking them with new technology, furnishing and layouts. It’s also adding 5,400 certified financial professionals to help clients. BoA said it already completed 620 renovations and opened more than 160 new financial centers, 13 of which are dubbed high-technology Advanced Centers, as part of a pilot it kicked off last year.

BoA acknowledged that consumers are increasingly using digital tools for their day-to-day banking needs, but nearly 1 million customers still visit a physical branch for certain services, including guidance and advice from financial professionals.

The bank announced it will be rolling out new technologies to its customers, including Erica, its virtual financial assistant, which will debut in March. Erica will be available via BoA’s mobile banking app and will help customers with accessing balance information, transferring money between accounts and sending money via Zelle, among other things. In April, BoA will enable customers to apply for a mortgage via its mobile app and said, as of last week, clients can now access the bank’s mobile car shopping tool. In the summer, it will roll out MyRewards hub, which lets customers access and redeem rewards points in one place.

“We continue to deploy significant resources to meet the changing needs of an expanding client base, providing access to capabilities and financial professionals who will offer solutions aligned with our clients’ priorities,” added Thong Nguyen, BoA’s co-head of Consumer and Small Business.

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