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QR Sign-Ins Surge 60% on BofA's CashPro® Platform

1. QR code sign-in technology sees 60% growth in adoption by CashPro users. 2. Over two million transactions completed with QR sign-in since its launch in 2022. 3. CashPro remains critical for corporate clients managing treasury and trade operations. 4. Recognition for CashPro enhances Bank of America's digital channel leadership. 5. A majority of clients from Europe prefer QR sign-in for its convenience.

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Why Bullish?

The growth in the CashPro platform indicates strong client engagement and potential revenue growth. Historical trends show that innovations in digital banking positively influence stock prices.

How important is it?

The article highlights advancements in digital banking which are crucial for BAC’s competitive positioning. Innovations that enhance customer experience can lead to increased revenue streams and stock value.

Why Long Term?

Sustained adoption of innovative technologies typically leads to enhanced client satisfaction and retention, benefiting Bank of America's long-term financial performance.

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Convenience, Security and Integration with Biometrics Drive Growth in Adoption of QR Sign-In Technology, /PRNewswire/ -- Every day, thousands of CFOs and treasurers use QR code technology to sign-in to CashPro, Bank of America's digital banking platform accessed by more than 40,000 corporate and commercial clients around the world to manage their treasury, trade and credit operations and perform self-service requests. The identity and authentication technology, introduced in 2022, recently surpassed two million uses and saw 60% growth in adoption over the last year1. A video message from Jennifer Sanctis, head of CashPro App and Personalized Technologies in Global Payments Solutions CashPro App QR Sign-In "Nearly every business client uses CashPro as the front door through which they view and take action on their Bank of America accounts," explained Jennifer Sanctis, head of CashPro App and Personalized Technologies in Global Payments Solutions at Bank of America. "QR Sign-In makes that entry point even more secure and further enhances the client experience." The QR sign-in experience improves two key pain points associated with traditional login processes: There's no need to remember the CashPro password. Instead, clients use their mobile phone to scan the QR code that appears on the computer screen and sign in using biometrics. There's no need to carry a physical token. Instead, users can use the CashPro App to access the mobile token, which is integrated into the sign in flow for clients with multi-factor authentication. The popularity of this technology is highest among clients in Europe who access it more than twice as frequently as clients in other regions. Karen Davis, head of treasury and trade finance for oil & gas at Glencore, is a member of the bank's UK CashPro Board, a group of clients who provide direct input on the platform's functionality and future build out. Davis is a proponent and frequent user of QR sign-in."QR sign-in makes it simple to get into CashPro. I use the mobile token security that's built into the process too, so I don't need to worry about carrying around a physical token. It's so quick and convenient. I don't know why people wouldn't use it," Davis said.Bank of America regularly enhances the CashPro platform through innovative new features and functionality that improve business outcomes for clients. Most recently, the bank launched Push Authentication that further simplifies the mobile token experience.Industry recognitionBank of America's CashPro platform routinely receives third-party recognition. Notable highlights include: The 2024 Digital Transformation Benchmarking study by Crisil Coalition Greenwich, No. 1 (tied) score for overall leadership in Digital Channels for the third consecutive year, with the bank being the sole leader in 2023 and 2022. 2025 Awards for Innovation and Excellence, Treasury Management International Bank of the Year for Best Customer Experience (for CashPro Search with Investigations) Best Mobile Technology Solution for Treasury (for Security Insights on the CashPro app) Best Solution Innovation – Data Analytics (for CashPro Insights). Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.Reporters may contact:Louise Hennessy, Bank of AmericaPhone: 646-858-6471[email protected]Footnotes1 Full year 2024 vs. full year 2023SOURCE Bank of America Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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