Bank of America has introduced a new digital platform that bundles retirement, health, and financial‑wellness tools for small and mid‑size businesses, aiming to simplify benefits administration.
The platform, called Bank of America Workplace Benefits, offers a single interface for plan selection, cost estimation, and ongoing maintenance. It integrates 401(k) and IRA products with health benefit solutions, allowing owners to compare plans and manage employee benefits within the bank’s existing digital ecosystem.
The launch targets the 4 million small‑business households that Bank of America serves, which carry $46.7 billion in loan balances. By providing a streamlined benefits experience, the bank seeks to help these businesses compete for talent, a need highlighted by a 2025 Workplace Benefits Report that found nearly a quarter of employees considered leaving due to insufficient benefits.
The platform builds on the bank’s 2020 Financial Life Benefits program and represents a new source of fee income and cross‑sell opportunities for its consumer and wealth‑management businesses. It also signals a broader digital transformation strategy that positions Bank of America as a more integrated partner for small‑business clients.
Lorna Sabbia, Head of Workplace Benefits, said the platform “reimagines the benefits experience specifically for small and mid‑size business owners, removing perceived cost and time barriers.” Sharon Miller, President of Business Banking, added that the enhanced platform equips owners with tools to boost employee productivity, attract and retain talent, and stay competitive.
The introduction of this platform underscores Bank of America’s commitment to expanding its small‑business portfolio and creating new revenue streams through fee‑based services, while also addressing a critical market need for accessible, comprehensive benefits solutions.
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