Digital Banking

Bank Of America Rolls Out Digital Tool For Entrepreneurs

Bank Of America Rolls Out Digital Tool For SMBs

Bank of America announced on Wednesday (Feb. 6) the launch of Business Advantage 360, a digital dashboard aimed at helping entrepreneurs manage their business finances.

In a press release, Bank of America said the new dashboard is available to business banking customers, giving them a view of their cash flow. It also offers access to real-time advice in one tool with new functionality.

“Business Advantage 360 will help entrepreneurs save time and money, by providing a more complete financial picture of their business,” said Sharon Miller, managing director and head of small business at Bank of America. “This new feature is easily accessible on mobile devices, and will allow our clients to focus on the reasons they opened their business in the first place.”

Bank of America is rolling out the service to help its more than nine million small businesses customers. The company said that with the tool, the bank aims to be the one-stop shop for business owners to manage all of their finances and grow their enterprises. The solution goes hand-in-hand with Bank of America's mobile lending platform.

Business Advantage 360 is built directly into the BoA online and mobile banking platforms. The free tool will be available to customers at the end of February, when it will be accessible through a link on the website or app.

Some of the new tools included in Business Advantage 360 are a streamlined view of important transactions, expenses, credits and debits, as well as the ability to access automatic cash flow projections based on scheduled transactions. Users can also manually adjust cash flow projections and thresholds to account for additional data.

The bank said the tools will give small businesses the time needed to make proactive adjustments. BoA is also melding a human element into the offering, providing customers with the ability to connect with a small business banker for guidance via one click.

In the future, the bank said it will make enhancements to the digital tool to provide deeper cash flow insight and general market research and analysis, and also plans to enable customers to manage payroll, payments, invoicing and merchant services.



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