The adoption of mobile and online banking increased significantly as a result of the pandemic, and there is no indication that the use of digital channels will subside in the future. For banks and credit unions, digital engagement provides an opportunity to lower costs, while giving consumers a seamless way to do everyday banking any way they want 24/7/365.
More importantly, digital banking provides the opportunity to engage with a consumer instantly, with suggestions on how to make their lives more financially secure, using both primary and secondary data and insights.
Few organizations have had the digital transformation success that has been achieved by Bank of America. In the past few years, Bank of America has invested billions of dollars to grow its digital platforms. The investments are reaping significant rewards.
With over 54 million digital banking users, here are recent trends in digital banking use at Bank of America:
- 2 million active digital clients added in 2021
- 10.5 billion digital logins during 2021 (increase of 15% YoY)
- 24 million Erica users completed 123 million interactions in Q4 2021 (up 247% YoY)
- 86% of deposits made through digital or ATM channels
- 16 million active Zelle users as of January 2022
- 70% of overall households actively use digital platforms
- 1.5 million digital sales, (up 46% YoY ) representing 49% of all sales
- 764,000 digital appointments booked in 2021 (up 20% YoY)
- More than 6 million clients have created a Bank of America Life Plan