Bankof America – Clients must compute in small biz’s digital evolution

By BOB ISAKSEN //

In the past year, Long Island and the rest of the world have endured remarkable changes – our businesses, schools and social lives have adapted to a world defined by new health and safety measures, brought on by the coronavirus.

In many cases, digitization has facilitated the distancing that keeps us safe, while accelerating and normalizing a more digital world.

With a new appreciation for the convenience and ease of interacting digitally, consumers in a post-coronavirus world will expect continued and expanded digital access. According to Bank of America’s 2020 Small Business Owner Report, 73 percent of entrepreneurs believe consumers will be less likely to visit brick-and-mortar stores in the future.

However, digital innovation for the sake of digital innovation isn’t enough. As with product development and client service, when Long Island businesses are considering investing in digital solutions, they should put their clients at the center.

Here are a few insights informed by Bank of America’s own experience serving clients on Long Island and across the country.

First, leverage digital tools to help your clients interact with your business more easily and efficiently. Whether it’s ordering a meal on an app or signing a contract with an electronic signature, digital tools can be a great way to help clients safely and securely conduct business with you.  Our clients increasingly used digital tools to deposit funds, send money, book appointments and even apply for loans. Digital accounted for 42 percent of our total consumer sales last year, a jump from 30 percent in 2019.

Bob Isaksen: Your customers are waiting.

Second, digital tools can be a way to help clients achieve what is most important to them. Homeownership is an achievable dream for many people; the Long Island Association reported that December 2020 home sales grew by more than a third across both Nassau and Suffolk counties. While historically a face-to-face process, last year nearly 70 percent of Bank of America consumer mortgage sales were made digitally, a significant increase from 36 percent in 2019.

Third, introduce digital solutions that are agile and can adapt to the changing environment. It can help your investment payoff and ensure it stays relevant to your clients. Last year, Erica – Bank of America’s AI-driven virtual financial assistant – learned to understand more than 60,000 coronavirus-related terms, increasing the platform’s understanding of clients’ concerns and ability to provide relevant support.

Finally, use digital tools to more easily and conveniently manage and grow your businesses, freeing up your time – and your employees’ time – to add more value to your customers. Today, four out of five Bank of America small business clients are digitally active, and sales of products and solutions through digital channels have more than doubled since 2019.

Throughout 2020, the coronavirus led companies to innovate and adapt. With the accelerated digitization of business becoming commonplace, consumers will expect companies to grow their digital presence. For small businesses on Long Island, expanding access to digital solutions that are centered on clients’ needs and goals can strengthen business for years to come.

Bob Isaksen is the market executive of business banking and Long Island market president for Bank of America.