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Digital Transformation

Bank of America has 45 mn active digital banking users

Bank of America has reported that its Q1-2023 net income rose 15% to $8.2 billion, compared to $7.1 billion for Q1-22. Its combined credit/debit card spend is $210 billion, up 6%.

Bank of America added 130,000 net new consumer checking accounts in Q1-23, the 17th consecutive quarter of growth, with a record 36.1 million consumer checking accounts with 92% being primary. Its record digital logins exceeded 3 billion, up 13%, while digital sales represented 51% of total sales.

The bank has registered a record 73% of overall households actively using digital platforms, record 45 million active digital banking users, up 6% or 2.7 million; 1.8 million digital sales, up 4%, record 3.1 billion digital logins, up 13%; 19.6 million active Zelle users sent and received 275 million transfers worth $84 billion, both up 29% YoY. Bank’s clients booked 892,000 digital appointments.

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