#N12BX: Mobile banking increase

Posted: Updated:
NEW YORK -

Bank of America customers are now making more deposits on mobile devices than at branches, the banking institution has reported.

The company announced the shift Monday.

Customers logged on to the Bank of America app 1.4 billion times just last quarter.  

They say it's not just tech-savvy millennials going mobile either.  

The company reports older generations are banking on the go too.

The shift has cut the need for brick and mortar locations.

Bank of America now operates almost a third fewer branches than it did a decade ago.

The company has also launched an artificial intelligence assistant and teamed up with other banks to create a digital payment platform.

Wells Fargo and JPmorgan Chase also closed branches due to increased mobile use.


 

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