Bank of America

What Bank of America does

Bank of America Corporation (NYSE: BAC) is a diversified U.S. money-center bank headquartered at 100 N Tryon Street in Charlotte, North Carolina, operating one of the largest financial center networks in the country with 4,000+ branches and a workforce of more than 200,000 globally. Through four core business segments (Consumer Banking, Small Business Banking, Wealth Management via Merrill, and Corporate & Institutional Banking) the institution serves retail consumers, small businesses, high-net-worth individuals, and large corporate clients with a unified product portfolio that spans checking and savings accounts, credit cards, mortgages, auto loans, investment management, retirement planning, investment banking, capital markets, and treasury services. Its principal banking subsidiary is the nationally chartered Bank of America, N.A., which is FDIC-insured and operates under the Equal Housing Lender designation.

The company's technology backbone is its digital banking platform, anchored by the Bank of America Mobile Banking App and Bank of America Online Banking, which together process 30 billion client interactions annually. The Erica virtual financial assistant (built on natural language processing, not generative AI) handled 700 million interactions from 20.6 million users in 2025. The corporate platform CashPro, the wealth portal MyMerrill, and an ATM network protected by 12+ patents layer in additional functionality for institutional, wealth, and cash-access customers. Underlying these platforms is an annual technology investment of $13.5 billion, with approximately $4 billion specifically directed to AI initiatives.

Bank of America generates revenue through net interest income on loans and securities, transaction-fee and non-interest income from banking services, wealth management fees, investment banking advisory and underwriting fees, and trading revenue across equities, fixed income, currencies, and commodities. Distribution combines a relationship-based physical branch model with a leading mobile and online banking platform that integrates Zelle, RTP, ACH, wire transfers, and digital wallets (Apple Pay, Google Pay, Samsung Pay). Forward strategic priorities include expanding 150+ financial centers by 2027, scaling AI-driven personalization through Erica, positioning as FIFA's first-ever World Cup banking sponsor for 2026, and selectively pursuing inorganic payments-network acquisitions.

Name

Bank of America

Legal name

Bank of America Corporation

Website

https://bankofamerica.com

Company type

Public

Founded year

1904

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Bank of America Corporation is a publicly traded U.S. money-center bank offering consumer and small business banking, credit cards, mortgages, Merrill wealth management, and corporate and investment banking services through 4,000+ branches and digital platforms serving retail, small business, wealth, and institutional clients.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Portfolio Management and Investment Advice (523940)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank) (FSABAAAJ), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Technology, Software & IT Services (FSABACAJ), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Consumer lending products
• Wealth management advisory
• Corporate investment banking
• Mortgage and credit cards

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest earned on loans, securities, and other interest-earning assets minus interest paid on deposits and borrowings. Core banking revenue driver.
2. Non-interest Income: Fees from banking services, investment banking fees, trading revenue, wealth management fees, and credit card revenue
3. Trading Revenue: Market revenue from trading equities, fixed income, currencies, and commodities driven by increased market volatility and activity
4. Investment Banking: Advisory, underwriting, and M&A advisory fees from corporate clients

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Bank of America operates one of the largest U.S. financial services franchises, providing retail banking (checking, savings, CDs, credit cards, mortgages, auto loans), small business banking, and wealth management through its Merrill platform (brokerage, advisory, retirement planning, and Private Bank for UHNW clients). For corporate and institutional clients, it delivers cash management, treasury, trade finance, capital markets, and investment banking services via the proprietary CashPro digital platform. Distribution combines more than 4,000 physical financial centers and an extensive U.S. ATM network with the patented Mobile Banking App, Online Banking, and the AI-powered Erica virtual assistant.

Product overview

Bank of America operates as a major diversified financial services institution offering a broad portfolio of consumer and corporate banking products organized as a unified digital banking platform plus specialized divisions. The core consumer digital banking experience is centered on the Bank of America Mobile Banking App and Bank of America Online Banking (bankofamerica.com), which together provide account access for checking, savings, credit cards, home loans, auto loans, and small business products. The platform integrates the Erica® Virtual Financial Assistant — an AI-powered NLP-driven chatbot — for conversational account management. Linked Merrill Edge / Merrill Lynch investment accounts (Merrill Investing) appear within the same digital banking interface, enabling unified banking-and-investing access. The CashPro® platform serves corporate and institutional clients separately. Supporting digital financial wellness tools include the Bank of America Life Plan® (personalized financial planning), the Spending & Budgeting Tool, and the free financial education platform Better Money Habits®. The bank's extensive ATM network and physical financial center branches complement the digital platform, and the FIFA World Cup 2026 sponsorship represents a major consumer-facing marketing initiative.

Differentiator

Problem solved

Functional benefit

Brands

• Better Money Habits: Financial education platform providing free financial literacy resources and programs
• Erica
• Bank of America Life Plan
• Business Advantage
• CashPro
• MyMerrill

Products and services

• Bank of America Advantage Banking (Consumer Checking Accounts) Consumer checking account products including Advantage Banking and SafeBalance Banking for Family Banking, with features such as Zelle, Bill Pay, direct deposit, overdraft protection, and integration with Merrill investing; governed by the Online Banking Service Agreement for digital access.
• Bank of America Savings Accounts and CDs Savings products including savings accounts and certificates of deposit (CDs), offered alongside checking accounts and integrated into the same digital banking platform.
• Bank of America Credit Cards Portfolio of consumer credit card products issued by Bank of America, including travel rewards, cash back, and co-branded cards (e.g., Alaska Airlines Atmos co-branded cards), fully managed through the Mobile Banking app and Online Banking.
• Home Loans and Mortgage Residential mortgage and home equity lending products including purchase financing, refinancing, and home equity lines of credit (HELOCs), serviced through Mobile Banking, Online Banking, and dedicated home loan specialists.
• Auto Loans Automobile financing products for new and used vehicle purchases, fully integrated into Bank of America's digital banking platform for account management and payments.
• Small Business Banking (Business Advantage) Comprehensive banking products and services for small businesses including business checking, savings, credit cards, loans, lines of credit, merchant services, treasury management, and retirement services, delivered under the Business Advantage platform with dedicated small business digital banking tools.
• Student Banking Banking products tailored for students and young adults, including checking and savings accounts with low or no fees, integrated into the main digital banking platform with full access to Erica and mobile banking features.
• Merrill Investing (Merrill Edge and Merrill Lynch) Bank of America's investment and wealth management platform in which Merrill Edge provides self-directed and guided investing with Bank of America account integration, while Merrill Lynch serves high-net-worth clients with the MyMerrill Online portal, retirement planning, IRAs, and 401(k) management; linked accounts appear within Bank of America's digital banking interface.
• Bank of America Private Bank Wealth management division serving ultra-high-net-worth individuals and families with trust and fiduciary services, estate planning, investment management, and custom lending solutions; a division of Bank of America, N.A. (Member FDIC).
• CashPro Corporate and Institutional Digital Banking Bank of America's proprietary corporate and institutional digital banking platform providing cash management, trade finance, treasury management, and payment services for corporate clients, including CashPro Mobile App and CashPro Online web portal with multiple U.S. patents (e.g., 10,410,203; 10,762,492; 11,716,198).
• Bank of America Mobile Banking App Bank of America's primary digital banking application available for iPhone, iPad, Android, and other mobile devices, providing 24/7 secure account access, mobile check deposit, Zelle transfers, Bill Pay, account alerts, the Erica virtual assistant, digital wallet integration, and unified management of Bank of America and linked Merrill investment accounts.
• Bank of America Online Banking Web-based online banking platform accessible at bankofamerica.com, enabling account management, fund transfers, Bill Pay, Zelle payments, wire transfers, ACH, RTP payments, account alerts, credit card management, mortgage servicing, security settings, and document access.
• Erica Virtual Financial Assistant AI-powered virtual assistant embedded within Bank of America's Mobile Banking app, using natural language processing to help customers check balances, initiate transfers, pay bills, review spending, and receive personalized financial guidance; logged 700 million interactions from 20.6 million users in 2025.
• Bank of America ATM Network Extensive network of automated teller machines across the United States offering cardless ATM access, deposit-taking ATMs, and patented security systems; protected by 12 U.S. patents (e.g., 8,015,455; 8,560,888; 8,671,402).

Quantifiable outcome

• 700 million AI assistant interactions from 20.6 million users
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability7 records

Feature5 records

Partnerships

Two partnerships are on record, tiered strategic.

• FiservstrategicTechnology or IntegrationBank of America is in preliminary discussions (alongside JPMorgan, Wells Fargo, and PNC) about acquiring Fiserv's STAR and Accel debit payment networks. The strategic rationale is to potentially bypass Durbin Amendment fee caps on debit interchange.
• DTCC Tokenized Asset InitiativestrategicTechnology or IntegrationBank of America is collaborating with over 50 global financial firms including BlackRock, JPMorgan, Goldman Sachs, Nasdaq, Circle, Robinhood, and Kraken on DTCC's blockchain-based tokenization platform pilot launching July 2026 ahead of October commercial launch.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• JPMorgan Chase: JPMorgan Chase is the largest US universal bank, competing head-to-head with Bank of America across consumer banking, credit cards, mortgage lending, wealth management (through Chase Wealth and J.P. Morgan Wealth Management), corporate & investment banking (the J.P. Morgan franchise), and digital banking (Chase Mobile). Both banks are expanding branches aggressively in 2026 and sit on the Fed stress-test honor roll, making JPM the closest like-for-like comparator for Bank of America.
• Citigroup: Citi is a global universal bank with overlapping product lines in US consumer banking, credit cards (including a top-tier card franchise), investment banking (Citi is co-leading the SK Hynix ADR with BAC), and a comparable public listing (NYSE: C). Both banks also have meaningful international presence and have passed the same Federal Reserve stress tests, making them direct competitors for institutional treasury, capital-markets, and large-corporate banking relationships.
• Wells Fargo: Wells Fargo is a top-three US retail and commercial bank, directly competing for primary checking accounts, small-business banking, mortgage origination, and credit-card customers. Wells is also one of the banks exploring the Fiserv STAR/Accel debit-network consortium with BAC, and led the Rithm Capital refinancing BAC participated in, placing it on a similar commercial-banking competitive plane.
• U.S. Bancorp: U.S. Bank is a top-five US commercial bank with strong retail and small-business banking, payment services (Elan card services), and corporate banking. It directly competes with Bank of America's consumer and small-business franchises across overlapping geographies and was also a participant in the same Fed stress tests.
• PNC Financial Services: PNC is a major US commercial and retail bank with a comparable mix of consumer banking, small business, and corporate banking; it is also one of the banks in the Fiserv debit-network consortium. PNC's universal-bank model and similar branch-heavy go-to-market make it a direct regional/national peer to BAC.
• Capital One: Capital One is a major US credit card issuer and direct-to-consumer digital bank (post-Discover acquisition pending), competing with BAC for credit card share, auto lending, and digital-first primary banking customers. Its mobile-first model makes it the cleanest fintech-comparator for BAC's digital ambitions.

Broad incumbents

• Goldman Sachs: Goldman Sachs competes in corporate & investment banking (it is a co-leader on the SK Hynix ADR with BAC) and wealth management (Goldman Wealth / Ayco) but is much less focused on consumer deposit banking. It is a broad incumbent peer for the institutional and wealth-management slice of Bank of America's business.
• Morgan Stanley: Morgan Stanley is a leading global wealth manager (E*TRADE and Morgan Stanley Wealth) competing head-to-head with Merrill for high-net-worth assets, and also a major investment-banking competitor (it jointly provided the $4.5B Crinetics bridge with BAC). It is a broad incumbent peer for the wealth and capital-markets portion of BAC's franchise.
• Charles Schwab: Charles Schwab is a major publicly-listed US wealth-management and brokerage firm, competing with Merrill for retail and mass-affluent investment assets and signed as a co-founding backer of the Texas Stock Exchange alongside BAC. It is a broad incumbent peer on the wealth-management side of Bank of America's franchise.

Regional players

• TD Bank (TD Cowen): TD Bank is a major US retail and commercial bank (a US subsidiary of Canada-based TD), competing with BAC on the East Coast in particular across consumer and small-business banking. It is a regional peer given the geographic overlap but different ownership footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/BankofAmerica
• YouTubeyoutube.com/user/bankofamerica
• Facebookfacebook.com/BankofAmerica
• LinkedInlinkedin.com/company/bank-of-america
• Instagraminstagram.com/bankofamerica
• Pinterestpinterest.com/bankofamerica

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments396 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of America