Bank Of America highlights digital transition of its services

Bank of America regularly looks at the figures that illustrate the changing uses of its financial services. In fact, it seeks to demonstrate the relevance of the digital offerings it makes available to its customers and thus reports on changes in financial interactions. And this transformation also concerns the payment services offered by the Bank.

FACTS

• Bank of America customers' digital interactions with online and mobile services increased by 12% in 2024. The bank even records a record, after having recorded 26 billion interactions between its customers and its digital tools (online, mobile and virtual assistants) over the year. Erica, the Bank's AI-led virtual financial assistant).

• More than 58 million customers out of a total of 69 million use its digital tools. In 2024, for example, Bank Of America recorded 14.3 billion connections to its customers' online accounts. His clients have also interacted 676 million times with Erica.

• On payment in particular, 38 million customers made money transfers via the online tools offered by the bank in 2024, which is another record. They made a total of 3 billion transactions, amounting to $2.3 trillion.

• More than 23.7 million Bank of America customers also actively used Zelle, the bank 's instant payment application, against 18.2 million in 2023. They sent and received a record 1.6 billion transactions in 2024, valued at $470 billion, up 25 per cent and 26 per cent respectively from one year to the next. Noted that the use of Zelle now exceeds that of cheques.

• CashPro's customer companies have also achieved over $1 trillion in payment approvals through the application CashPro, an increase of more than 25% from year to year.

ISSUES

• An ongoing digitisation : The new developments highlighted today in figures by Bank of America illustrate the transformation in the use of increasingly digital payment services. And this trend is observed more widely internationally, while the beginning of the year was marked by the publication of a study by the European Central Bank highlighting the decline current species in Europe.

• Good results in perspective : While the figures put forward by Bank of America today are impressive, they remain to be put in perspective with its customer base. Bank of America account In fact, about 69 million individual and small business customers in the United States. In total, 30% of Bank Of America's clients are currently using its virtual assistant.

PERSPECTIVE

• The financial services landscape, such as payments in particular, is changing. Its inevitable transformation into an increasingly digital model is continuing.

• Alternatives to more traditional means of payment are increasing, and digital currencies are becoming more important today as a new battlehorse for central banks, but not only. Thus, in Europe, United Kingdom, Hong Kong as in United States, the construction of Stablecoin occupies the largest instances but also, to a lesser extent, the actors of the place such as Société Générale.

• Bank Of America is also following this trend, as recently revealed by Brian Moynihan, its CEO, as part of a Interview. He pointed out that Bank of America was preparing to launch a dollar-backed stablecoin on the US market, and that this deployment depended solely on the agreement of the competent authorities.

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