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Bank of America CashPro App: Bringing the Convenience of Mobile to Cash Management

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16 March 2022

Winner of Celent Model Bank 2022 Award for Corporate Digital Banking

Abstract

While Bank of America’s CashPro app was a nice-to-have mobile channel for clients pre-pandemic, it rapidly transformed into a critical tool for business continuity with the outbreak of Covid-19. Forced to work from home, the bank’s clients depended on the CashPro App to conduct their day-to-day banking, and the long-running argument as to whether to download the app became moot. With the dramatic shift to work from home, corporate treasurers and finance professionals faced uncertainty caused by paper checks being mailed to empty mailrooms and the physical security tokens required to log into the CashPro online portal remaining in the office. As a result, clients turned to CashPro mobile to manage their transactions, and the bank experienced swift growth in app usage.

Rapidly increasing CashPro mobile app usage along with a need for more sophisticated functionality, spurred the bank to accelerate the app’s development pipeline. With a full range of corporate digital delivery channels, the bank was well-positioned to help its clients adapt quickly to the unexpected shift to working from home. Payment initiation and remote check deposit volumes saw unprecedented growth and app users readily adopted biometrics and one-time passwords (OTP) over physical security tokens.

Many banks position mobile business banking for smaller clients, with more limited functionality compared to their online portals. But Bank of America views CashPro App as an extension of its comprehensive CashPro online platform, and both are shaped by direct client feedback and in-house fintech user experience designers. The bank prides itself on being first to market with several corporate mobile capabilities and already had four patents granted and ten patents pending as of December 2021. Celent selected Bank of America's CashPro App for this year's Model Bank Award for Corporate Digital Banking because of the bank's unrelenting focus on user experience and design, which differentiate the solution from its competitors.