Bank of America Finally Sees Mobile Deposits Surpass In-Person Transactions
So much for the bank branch. Mobile deposits have overtaken in-branch deposits at Bank of America, the Charlotte-based bank announced alongside its quarterly earnings Monday. The shift has helped the bank cut costs and contributed to its better-than-expected quarterly earnings, CEO Brian Moynihan told investors during a quarterly earnings call.
"By investing in client capabilities, we make our clients' lives easier, more efficient, and more effective and their satisfaction goes up," Moynihan said. "Our costs then in turn go down because our process will become more automated."
Processing a mobile transaction costs banks less than processing ATM transactions and much less than processing transactions in a bank, according to a Deloitte Touche Tohmatsu Limited report. According to Moynihan, Bank of America now processes 76% of its transactions through ATMs or on mobile.