10-Q, Member Exclusive

What Bank of America is doing differently to drive a shift toward digital banking

  • More Americans are opting for digital banking, a trend evident among major banks' financial results in Q4 2023, signaling a growing preference for digital solutions.
  • Bank of America's Jorge Camargo provides insights into the influence of digital adoption on brick-and-mortar branches, strategies to counter digital fraud, and the factors fueling Erica's popularity as a digital banking assistant.
close

Email a Friend

What Bank of America is doing differently to drive a shift toward digital banking

  • how digital adoption is affecting physical branches
  • strategies for combating digital fraud
  • factors contributing to Erica’s popularity as a digital banking assistant

An increasing majority of Americans are choosing digital banking options with 71% preferring to manage their bank accounts through a mobile app or a computer. 

This trend was also pronounced among major banks such as Bank of America, JPMorgan, and Wells Fargo highlighting the growing preference for digital banking solutions, as evidenced by their financial results of the final quarter of 2023.

Bank of America currently has 57 million verified digital users, with over 35 million opting for digital alerts. The most common alerts last year included updates on account balances, available deposits, and virtual debit card usage. Throughout 2023, clients logged into their accounts a total of 12.8 billion times, with 3.3 billion logins in Q4 alone, marking a 10% YoY increase. They also interacted 673 million times with virtual financial assistant, Erica, reflecting a 28% YoY surge.

I had a conversation with Jorge Camargo, Managing Director, Mobile App, Online Banking and Erica AI at Bank of America, about:


subscription wall for TS Pro

Looking deeper into BofA’s route to digital banking.

by SARA KHAIRI

An increasing majority of Americans are choosing digital banking options with 71% preferring to manage their bank accounts through a mobile app or a computer. 

This trend was also pronounced among major banks such as Bank of America, JPMorgan, and Wells Fargo highlighting the growing preference for digital banking solutions, as evidenced by their financial results of the final quarter of 2023.

Bank of America currently has 57 million verified digital users, with over 35 million opting for digital alerts. The most common alerts last year included updates on account balances, available deposits, and virtual debit card usage. Throughout 2023, clients logged into their accounts a total of 12.8 billion times, with 3.3 billion logins in Q4 alone, marking a 10% YoY increase. They also interacted 673 million times with virtual financial assistant, Erica, reflecting a 28% YoY surge.

I had a conversation with Jorge Camargo, Managing Director, Mobile App, Online Banking and Erica AI at Bank of America, about:

  • how digital adoption is affecting physical branches
  • strategies for combating digital fraud
  • factors contributing to Erica’s popularity as a digital banking assistant

 

How will digital adoption affect bank branches and customer relationships, particularly for older generations who prefer in-person interactions?


subscription wall for TS Pro

0 comments on “What Bank of America is doing differently to drive a shift toward digital banking”

Artificial Intelligence, Member Exclusive

Agentic AI is knocking. Here’s how banks are answering the door

  • A growing number of institutions are assessing how to deploy Agentic AI systems securely within their established governance structures, as they anticipate a shift toward greater automation in financial services.
  • Our analysis focuses on financial institutions that have implemented or are planning to implement Agentic AI, as well as the present state of their integration initiatives.
Sara Khairi | June 12, 2025
10-Q, Member Exclusive

A tale of two innovations: Square’s AI edge for SMBs and Morgan Stanley’s code makeover

  • We track two new AI developments this week from well-known public companies: Square and Morgan Stanley.
  • We analyze how Square’s Conversational AI signals a broader transformation in small business tech, and shed light on Morgan Stanley’s work addressing a critical, yet often ignored, AI issue.
Sara Khairi | June 09, 2025
10-Q, Member Exclusive

How Pagaya (PGY) and Upstart (UPST) are venturing deeper into AI to make fintech lending more intelligent

  • Recently, some of the quieter names in public finance have pushed their AI efforts beyond experimentation and into practical use.
  • We look at how under-the-radar public financial firms, Pagaya and Upstart, are operationalizing AI within their organizations.
Sara Khairi | June 02, 2025
10-Q, Member Exclusive

Remitly’s Q1 in review — and why its WhatsApp integration could be a turning point for fintech UX

  • Matt Oppenheimer, Remitly’s co-founder and CEO, shares key takeaways from the company’s Q1 earnings, while Ankur Sinha, Chief Product and Technology Officer, shares what the newly launched WhatsApp integration signals about the future of remittances and fintech UX.
  • We also explore the role of Remitly's conversational AI with the new integration.
Sara Khairi | May 28, 2025
10-Q, Member Exclusive

Affirm and Robinhood’s Earnings: The story so far and the road ahead

  • We look at Affirm and Robinhood’s recent earnings reports, the strategies that shaped their current positions, and their forward-looking trajectories.
  • We also explore their growing investments in AI and generative AI technologies.
Sara Khairi | May 19, 2025
More Articles