Meet Erica, Bank of America’s virtual financial assistant
Bank of America added a virtual assistant to its mobile app. Read more: https://zd.net/2GvoEBK
Bank of America is investing in its technical capabilities and hoping a bit of digital momentum can offset lower interest income amid higher expenses.
The bank said that it ended its first quarter with 27.1 million active mobile banking users, up 9 percent from a year ago, and digital sales were 27 percent of all consumer banking revenue.
Digital for Bank of America is summarized by a “high-tech, high-touch” strategy across its units including Merrill Lynch, which has 60 percent of clients using an online or mobile platform across the company.
Moynihan explained:
I think our ability to continue to drive productivity is really driven by the change in customer behavior in the digital capabilities we have. So more of the activity that would’ve been done a decade ago or 2 decades ago, a person handing a check for deposit to branches would have gone through person’s hands and now goes through mobile bank deposit.
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Bank of America reported first quarter net income of $7.3 billion, or 70 cents a share, on revenue of $23 billion, roughly flat from a year ago.
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