85% of Deposits Now Made Digitally at Bank of America as Growth in Client Engagement with Digital Continues

  • “Today 85% of deposit transactions are being made through the Bank of America app, ATMs and other automated channels – driven by nearly 48 million checks deposited digitally during the second quarter alone.
  • As of the beginning of last month, more than 70% of Bank of America clients are actively using digital channels for more of their needs
  • All generations are engaging with Life Plan, particularly Millennials (43%), to set and track financial goals.
  • More than 21 million clients have used Erica to complete more than 430 million interactions.
  • Bank of America clients used digital channels to schedule a record 871,000 appointments with financial specialists during the second quarter.
  • Over 14 million Bank of America clients, including small businesses, use Zelle®.
  • Digital now makes up 25% of small business sales, up from 19% last year.”


Digital Banking Is Growing Faster Than Ever: Do Traditional Banks Stand A Chance?

  • “In the next three years, it is estimated that visits to bank branches will drop by 36%.
  • Millennials are one of the biggest generations in U.S. history. By 2030, this population is expected to reach 78 million.
  • An eMarketer study this year found that about 48% of millennials would consider moving their accounts to a digital-only institution.
  • With millennials expected to be inheriting $30 trillion from their parents and grandparents”