Bank of America Bus. Advantage 360 Gives Small Businesses the Ability to View Data From Third-Party Bus. Applications in Awar...
06 Februar 2020 - 3:00PM
Business Wire
Company Significantly Increased Lending to
Small Businesses in 2019
On the first anniversary of the launch of Business Advantage
360, its one-stop digital dashboard for business owners, Bank of
America today announced that it can now integrate data from key
third-party business applications to provide a more complete
financial picture for small businesses.
Complementing the existing offering, which provides a view of
business cash flow and access to real-time expertise and guidance,
Business Advantage 360 can now seamlessly integrate data into the
dashboard from QuickBooks® Online1, RUN Powered by ADP®2, G Suite
by Google Cloud, and Google Analytics3.
“One year after launching Business Advantage 360, we’re taking
this solution to the next level to help our clients focus on the
many other tasks that make their businesses successful,” said
Sharon Miller, head of Small Business at Bank of America. “The
insight and data integration upgrades create incredible convenience
for entrepreneurs to manage their businesses’ complete financial
picture.”
Since launching in February 2019, more than 1 million Bank of
America business owner clients have engaged with the platform.
Additionally, Business Advantage 360 received Aite Group’s 2019
Impact Innovation Award in Cash Management and Payments for
Customer Experience for Small Businesses4.
“Business Advantage 360 has delivered an innovative and
convenient solution for business owners to manage their cash flow,”
said David Tyrie, head of advanced solutions and digital banking at
Bank of America. “As we continue to cultivate strong client
relationships through our high-tech capabilities combined with our
high-touch approach, the integration of third-party applications
provides an enhanced experience for business owners.”
Bank of America provides a business advantage to small
business owners
Bank of America is committed to providing access to capital for
the more than 30 million small business owners who fuel the
nation’s jobs and economy. Bank of America originated $9.2 billion
in new loans to small business clients in 2019, up 7 percent from
2018. According to the FDIC, Bank of America also maintained its
position as the nation’s top small business lender at the end of
the third quarter of 2019, with $37.6 billion in total outstanding
small business loans (defined as business loans in original amounts
of $1 million and under), up 8 percent year over year.
In addition to providing small business owners leading digital
tools and access to capital to manage their businesses
successfully, Bank of America provides its business clients rewards
and solutions to grow their businesses through its Preferred
Rewards for Business program. Preferred Rewards for Business
members receive interest rate boosters on savings accounts,
discounts on business loans, monthly maintenance fee waivers, and
rewards bonuses on credit cards to supplement their everyday small
business banking solutions.
1 QuickBooks Online is a registered trademark of Intuit Inc.,
used under license. 2 RUN Powered by ADP is a registered trademark
of ADP, LLC and its affiliates, used under license. 3 G Suite by
Google Cloud and Google Analytics are registered trademarks of
Google, LLC, used under license. 4 Aite Group’s annual awards
program, Impact Innovation Awards in Cash Management and Payments,
recognizes innovation achieved by financial institutions that are
introducing new products, capabilities, or levels of automation and
effectiveness that bring the industry one step closer to
next-generation banking. These are the financial institutions,
regardless of size, that others will follow. The winners were
selected by an 11-person panel that consisted of three Aite Group
analysts and eight external judges. The identification of an Aite
Group award winner or finalist is not an endorsement by Aite Group
of any vendor, product, or service.
Bank of America Bank 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
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,800
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 2,000 business centers;
approximately 16,800 ATMs; and award winning digital banking with
approximately 38 million active users, including approximately 29
million mobile 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 3 million small
business owners 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
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
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.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200206005307/en/
Reporters May Contact: Don Vecchiarello, Bank of America,
1.980.387.4899 don.vecchiarello@bofa.com
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