In a strategic move that blends financial services with employee benefits, Bank of America has found success in attracting new customers through its Employee Banking & Investing (EBI) program. By waiving the $20,000 minimum balance requirement for access to the Preferred Rewards Gold Tier, the bank is luring in both first-time and existing clients from its extensive corporate-client network.
Launched in 2020, the program has already brought in approximately $10.5 billion in new deposits and investments. With around 450 corporate and commercial clients enrolled, the EBI program is proving to be an effective tool for driving growth in accounts and opening opportunities for cross-selling money-management products and savings plans.
A Holistic Approach: Financial Education and Incentives
Bank of America’s EBI program goes beyond simply offering perks; it provides a comprehensive suite of financial education and investing services. From credit card bonuses to interest rate boosters, the program is designed to improve employees’ financial well-being and encourage long-term financial planning.
Aron Levine, President of Preferred Banking at Bank of America, expects more than 500 companies to enroll in the program by mid-year. “Our goal is to enhance financial literacy and provide incentives to employees, ultimately supporting their near- and long-term financial needs,” Levine explains.
TriNet, a leading HR solutions provider, is one of the companies that has adopted the program, offering it to over 333,000 worksite employees. As more businesses recognize the value of investing in their employees’ financial well-being, the EBI program is poised for continued growth.
Building a Strong Foundation: Solid Deposits and Loan Balances
Despite facing a challenging operating environment, Bank of America’s deposits and loan balances have remained solid, thanks in part to the success of the EBI program. By focusing on strategic growth efforts over the next two to three years, the bank aims to build upon its current momentum and further expand its customer base.
In an increasingly competitive landscape, Bank of America’s EBI program offers a unique approach to attracting new customers and fostering loyalty. By prioritizing employee financial well-being and providing valuable incentives, the bank is not only growing its business but also contributing to a more financially literate and secure workforce.
As the lines between employer benefits and financial services continue to blur, Bank of America’s EBI program serves as a shining example of the potential rewards for both businesses and their employees. In today’s rapidly evolving world, this innovative approach to banking may very well be the key to unlocking a brighter financial future for all.
Source: bnnbreaking.com
