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Bank of America Reports Digital Banking Alerts, Logins Rise 11%

Bank of America

Bank of America clients had a record 23.4 billion digital interactions with the bank in 2023.

Those interactions include logging into their accounts 12.8 billion times and receiving 10.6 billion proactive digital alerts during the year, Bank of America said in a Monday (Feb. 12) press release.

With these interactions, the bank’s clients “unlocked convenience,” Nikki Katz, head of digital at Bank of America, said in the release.

“Individualized real-time alerts and proactive insights, along with our digital platform overall, help simplify the day-to-day management of finances,” Katz said.

The record total of 23.4 billion digital interactions by Bank of America clients was 11% higher than that of the previous year, according to the release.

The bank now has 57 million verified digital users, the release said. Among these users, 46 million have used digital in the last 90 days and 35 million have opted to receive digital alerts, per the release.

“The most common alerts last year offered insights into account balances, deposit available balances and virtual debit card usage,” the release said.

In addition, Bank of America clients interacted with its virtual financial assistant, Erica, 673 million times in 2023, according to the release. That total was 28% higher than that of the previous year.

The bank also saw a continued shift toward digital payments, the release said.

Bank of America clients using Zelle sent and received 1.24 billion payments worth $373 billion in 2023, per the release. Both the volume and the value of these payments were record highs.

“Clients sent more than twice as many Zelle transactions as checks written in 4Q 2023,” the press release said. 

JP Morgan and Wells Fargo reported during earnings calls in January that they, too, are seeing consumers engage with their banks via mobile apps.

J.P.Morgan said that its active mobile customers were up 8% year on year to more than 53 million, while Wells Fargo said it added 1.6 million mobile active customers year on year to reach just under 30 million individuals.

Banks are making “huge investments” to continue innovating their digital banking offerings and meeting the needs of their customers, Eric Brandt, senior strategic market analyst at NCR Voyix, told PYMNTS in an interview posted Monday.

“Simplicity and ease of use is driving digital adoption,” Brandt said.