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Digital Transformation

Strong digital usage continues for Bank of America

Bank of America has just released its second-quarter financial report, showcasing outstanding growth and strong digital adoption across its platforms. The bank reported net income of $7.4 billion for Q2-23, EPS of $0.88, up 21% YoY, revenue grew 11% led by 14% improvement in net interest income to $14.2 billion.

Strong digital usage highlights:
  • Record 74% of overall households actively using digital platforms.
  • Record 46 million active digital banking users, up 7% or 3.0 million.
  • 1.8 million digital sales, up 8%.
  • Record 3.1 billion digital logins, up 11%.
  • Record 20.3 million active Zelle users sent and received a record 303 million. transactions worth a record $91 billion, up 27% and 25% YoY respectively.
  • Clients booked 871,000 digital appointments.
Strong digital usage for Merrill Wealth Management:
  • 83% of Merrill households digitally active across the enterprise.
  • Continued strength of advisor / client digital communications.
  • 1.6 million secure messages.
  • Record 79% of households enrolled in eDelivery;
  • 335,000 planning reports generated, up 31%; 56% of clients received a planning report in the last 24 months, up from 37% a year ago.
  • 74% of eligible checks deposited through automated channels.
  • 64% of eligible Bank and Brokerage accounts opened through Digital Onboarding in Q2, up from 29% a year ago.

PR Newswire

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