BoA: Roughly 3 Million Workers Use Its Corporate Employee Banking, Investing Program

Over 200 of Bank of America’s corporate and commercial clients around the U.S. — totaling 3 million employees — have adopted its Corporate Employee Banking and Investing program to help larger and mid-sized companies add more lending and investing programs, according to a press release Thursday (Feb. 10).

The program debuted in 2020 and aims to support the overall financial wellness of workforces. The release notes that according to a Bank of America study, 95% of employers “feel a sense of responsibility” for the financial wellness of their employees.

That study found that employers have been expanding workplace wellness programs beyond retirement programs, adding things like developing good financial habits and various other products.

“Corporate Employee Banking and Investing is a powerful solution that expands workplace financial wellness programs beyond education and benefit plans — getting right to the heart of helping employees manage and improve their daily financial lives,” said Aron Levine, president, preferred banking at Bank of America. “We’re pleased with the early adoption among our corporate and commercial clients, and with the feedback they’ve shared about the positive impact the program is having across their workforces.”

In addition, Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, said the new benefits will let employers help their employees plan, save and take control of their finances.

“The demand we’re seeing here highlights the importance of financial wellness for both employers and employees, as well as the need for financial education and solutions to support employees’ entire financial journeys,” Sabbia said.

Bank of America ended 2021 on a high note due to what it said were “record” levels of digital engagement, with PYMNTS reporting that other influential factors included a better economy and organic growth.

See also: ‘Record’ Digital Engagement Fuels BoA’s $32B 2021

The company earned $32 billion in 2021, according to CEO Brian Moynihan. The report also said BoA was seeing 41.4 million active digital users, a 5% increase.