A new survey by Bank of America found that 63 percent of millennials are saving money, that is on par with generation X and baby boomers; the survey shows that millennials are a lot more in tune with their financial lives then they are given credit for; the survey also found that millennials are more apt to ask for a raise and they also play into stereotypes by saying they spend too much and don’t save enough when asked by researchers. Source.
Zelle, the banking p2p payments app, saw an 84 percent jump in year over year growth with Bank of America; the app saw over 68 million transactions in 2017 through their Bank of America partnership; Zelle recently started a marketing campaign to provide more exposure to the brand as many users might not realize they are using Zelle since it is integrated with their banking app. Source.
While banks might have initially been slow to act when it came to embracing digital strategies they are now able...
Person to person payments growth was about 67% and accounted for 13.6 million transactions; According to CEO Brian Moynihan the bank processed half a billion dollars in a single week; other banks including Wells Fargo are also reporting increases in person to person payments; Bank of America is also planning to release a mobile offering for auto and home loans along with its AI assistant; Bank of America spent $2.25 billion on tech initiatives in the first nine months of 2017. Source
Bank of America has filed over 20 blockchain and cryptocurrency-related patent applications since 2014; recent applications include the use of blockchain as a distributed database supporting the flow of certain actions; other patents involve the control of data, information verification, peer-to-peer payments and the protection of a generic cryptocurrency. Source
Business Insider reports on the success of Bank of America’s investment in digital channels; reports that they added about 2 million users to digital channels, predominantly to mobile; mobile channel usage rose 34% year over year; article also compares active mobile users across competing banks Wells Fargo and JP Morgan. Source
Many of the major US banks are now adopting digital strategies into their business; Lend Academy shares progress from JPMorgan, Bank of America, Wells Fargo, Citi and Goldman Sachs. Source
While announcing earnings for Q3 Wells Fargo and Bank of America both revealed how important digital channels are to their bottom line; BofA saw mobile banking users jump 11 percent, mobile usage grew at 19 percent and digital payments grew 9 percent in the past year; Wells Fargo saw digital usage grow 2 percent and digital sessions grow 6 percent; the digital trend shows how much banks businesses are changing. Source.
Bank of America has struck a partnership with Samsung to start a pilot program that will allow Bank of America customers to login using a picture of their eye; the program will start with a group of 1,500 Samsung and Bank of America employees who will test the authentication for six months; according to a past report by American Banker, about half of Bank of America customers login to the mobile app using their fingerprint and the other half login with a username and password; according to Finovate, Samsung debuted this iris scanning technology at their Unpacked event in March and they claim it to be more secure than fingerprint scans. Source
Bank of America has optimized auto loan applications for mobile apps and is looking to expand to mortgages with a similar offering; the expansion follows a market trend toward increased demand for digital mortgage offerings; Bank of America plans to launch its mobile mortgage application in 2017 as it seeks to broaden its service availability to a full range of service channels; the mobile offering will expand on the firm's current online mortgage experience which provides for electronic applications and documentation with the benefit of automating and verifying customer information; within the industry, JPMorgan is also developing a mobile mortgage offering through its partnership with Roostify and Canadian Imperial Bank of Commerce has set a precedent for mobile mortgage service with the launch of its Hello Home product. Source