Bank of America said deposits made on mobile devices like smartphones and tablets are outpacing those made at branches of the bank for the first time. It said customers logged into its mobile app 1.4 billion times in the last quarter. The bank’s vast network of branches fell to 4411 at the end of June, compared with 4542 a year ago. It has 1720 fewer branches than it did in June 2008. That’s a 28% drop. At the same time, its active mobile banking users jumped by 11% to 25.3 million over the past year. It’s not just Millennials turning to their smartphones for banking as CEO Brian Moynihan said there’s not enough young kids in anybody’s customer base to drive this kind of activity. It has broadened out dramatically, he added. He also said there is high levels of mobile banking activity by Bank of America launched in April an artificial intelligence-driven financial assistant named Erica. The number of Erica users has already reached 2 million.
