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Digital usage by Bank of America customers continues to grow

Bank of America has reported that digital usage by people has continued to grow. About 71% of overall households are actively using digital platforms. There are 42.3 million active digital banking users, up 5%; over 1.7 million digital sales, up 26%; over 2.7 billion digital logins, 16.2 million active Zelle users, including small businesses, sent and received 213 million transfers worth $65 billion, up 26% and 31% YoY, respectively. Clients booked 813,000 digital appointments. Combined credit/debit card spend up $26 billion, or 15%; credit card up 25% and debit card up 9%.

Under the global wealth and investment management segment, record 81% of Merrill households are digitally active across the enterprise; there is a continued growth of advisor/client digital communications; 380,000 households exchanged 1.7 million secure messages. Record 76% households got enrolled in eDelivery; 246,000 forms signed digitally in Q1-22, 51% of eligible transactions, 74% of eligible cheques deposited through automated channels. 

It has reported Q1,2022 net income of $7.1 billion. Under its consumer banking segment, it has reported net income of $3.0 billion, with record deposit balances up 14% to more than $1 trillion and in small business, record deposit balances up 21% to $172 billion; average loans and leases, excluding PPP, up 4% to $19 billion.

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