Consumers are embracing mobile banking with one banking institution experiencing record levels of engagement.
Bank of America reports 70% of consumer client households and small business clients and 77% of wealth management client households are digitally active and the company’s 39 million digital clients are increasingly adopting key features in mobile and online platforms.
Such growth in digital experiences is expected to continue given personalized experiences and the ease and convenience, as well as the ongoing pandemic, according to a press release.
“This past year digital capabilities were more important than ever to our clients,” David Tyrie, head of digital at Bank of America, said in the release on the digital activity.
Bank of America clients deposited 160 million checks using the mobile banking app in 2020. Last year, 84% of deposits were made through the company’s automated channels (mobile, online and ATMs), up from 78% the prior year.
In addition, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019.
“The client is at the center of everything we do within our digital experience, which is guided by three core principles: it has to be in the client’s best interest, provide information and advice that is relevant and timely, and always offer the choice of the next best step,” Tyrie said in the release.