What’s on the agenda for BofA’s new digital banking chief?
Bank of America said Tuesday that it has named a consumer products executive to succeed its well-known digital banking chief Michelle Moore, who will step down from the job at year-end.
David Tyrie, the company's consumer products leader, will take over the position at a pivotal time in BofA's technological development.
Moore oversaw one of the most ambitious products that BofA has developed in recent years: Erica, an artificial-intelligence-powered digital voice assistant for transactions.
The company has been promoting Erica heavily in national advertising in recent weeks, and earlier in October Moore said that it had served 3.5 million customers since its debut in mid-March.
Tyrie's official title will be head of advanced solutions and digital banking, a bank spokesperson said. He will be bringing over his work on reward programs and financial center/ATM planning.
“I am excited that we are consolidating our advanced solutions capabilities and our industry-leading digital capabilities into one organization," Tyrie said in a statement provided to American Banker. "This supports our focus on building strong expertise throughout Consumer & Small Business, as we work together to deliver high-tech and high-touch client experiences across our financial center, ATM and digital channels.”
An internal memo that went out to company employees on Monday praised Tyrie's past work in balancing innovation and cost control.
"David has done an outstanding job leading our strategy and products organization by bringing a level of top-to-bottom financial discipline along with exceptional creativity with product design, ideation and client usability," read the memo.
Moore made the decision to step down to spend more time with her family, she said.
"I'm very proud of what we've accomplished as a team to bring an industry-leading digital experience to our clients, and I'm now looking forward to spending more time with on what I hope to be my greatest accomplishment, my boys and my family," she said in a statement provided to American Banker.
Moore will transition her responsibilities over the next two months in anticipation of her departure from the company at the end of the year, the memo said.
Moore, who has a bachelor's degree from Cornell University and a MBA from the University of Rochester, had a short stint at Xerox before starting her climb at Bank of America in 2003 when she joined as the senior vice president of fee income and revenue transformation. She took over digital banking in 2014.
Since then BofA has deployed large-scale digital products and platforms that incorporate the latest technology in an effort to stay relevant and competitive.
A big part of this strategy was the rollout of Erica, the company's AI voice assistant that can inform customers about their balances, bills and FICO scores as well as assist them with sending money. At the BAI Beacon conference in Orlando, Fla., in October, Moore said Erica had counted more than 2,000 ways people ask Erica to move money.
Moore's other efforts included beefing up the BofA mobile banking app with more functionality and making it more user-friendly. The bank has more than 23 million mobile users, about 50% more since Moore took over the role.
Moore was named American Banker's Digital Banker of the Year for 2017.
April Schneider, who has been leading the bank's deposits and savings products organization, will take over Tyrie's current role in consumer products, according to the memo. Schneider will have the official title of head of consumer and small-business products.