Bank of America is more mobile than ever.
BofA CEO Brian Moynihan, speaking at the 2013 Goldman Sachs Financial Services Conference in New York today, laid out some specific numbers that give a window into technology initiatives at the bank, and they are making the bank more mobile.
The bank is seeing strong growth in mobile transaction and a decline in transactions at branches — no surprise. Here are some of the numbers Moynihan laid out:
- In the past year banking center transactions have declined 11%;
- ATM, online and mobile transactions have grown 5% over the same period;
- More than $750 million invested “over the last few years” to mobile and online platforms;
- 14 million active mobile customers, up from 11 last year — 7,000 new users a day;
- $11.5 billion in revenue transactions a month, 60% higher year-over-year; and
- 8% of all Bank of America checks, or a total of 13 million checks, deposited by remote deposit capture (RDC).
Moynihan described the RDC activity in this way: “It’s a major change in activity. This application has only been around a year so far and the activity rate of change is faster than any technology we’ve brought to the industry. All this gives us a chance to reduce the physical banking center presence and build a concentrated network that can serve the customers better.”
A Bank of America spokesperson said the bank had 5,243 branches in last quarter, down nearly 300 from 5,540 at the end of the same quarter in 2012.