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Bank of America’s customers now mostly use digital channels rather than teller lines to make deposits as the bank continues to see growth in digital engagement.
Nearly 48 million checks were deposited digitally during the second quarter, Bank of America said in statement last week, and 85 percent of deposit transactions were made through a digital channel, including the bank’s mobile app, ATMs and other automated channels.
As of the beginning of July, more than 70 percent of Bank of America’s customers actively use digital channels for more of their needs, the bank said, including 72 percent of consumer and small business clients, 80 percent of wealth management clients across Merrill and Bank of America Private Bank, and 75 percent of global banking clients.
In the Greater Boston market, 72.9 percent of customers actively use digital channels.
“We are delivering the best financial technology to help make our clients’ financial lives better,” David Tyrie, head of digital at Bank of America, said in the statement. “To elevate each client’s digital journey across their entire relationship with us, we focus on their unique needs and aspirations so that we can deliver individualized digital experiences.”
The bank’s virtual financial assistant, called Erica, saw interactions double in the first six months of 2021 compared to the first 18 months after the service launched three years ago. Driven by artificial intelligence, the virtual assistant has been used by more than 21 million customers, and the bank saw 200 million interactions from January through June this year. The bank said 99 percent of customers find information through the virtual assistant without having to follow up with a call.
Using digital channels to schedule appointments with financial specialists also increased, up 31 percent in the second quarter compared to the same period last year. A record 871,000 appointments were scheduled using digital channels, representing 31 percent of all financial center traffic between April and June, the bank said.
Bank of America has also seen more customers use the Zelle payment platform. Customers sent and received 189 million transfers worth $56.5 billion in the second quarter, up 62 percent and 76 percent year-over-year, respectively. Transaction volume on Zelle for small business clients also increased, up 123 percent year-over-year. Over 14 million Bank of America customers have used Zelle.
