Bank of America clients continued to flock to digital channels in the third quarter as the bank invested in transaction channels, wealth management and self-service capabilities. 

“Digital adoption and engagement continue to improve, and customer satisfaction scores remain near record levels, illustrating the appreciation of enhanced capabilities from our continuous investments,” Chief Financial Officer Alastair Borthwick said today during the bank’s Q3 earnings call.  

During the quarter, the $3.2 trillion bank reported the following increases in digital adoption:

• Active digital users reached 48 million, up from 46 million during the same period last year; 

• Active Zelle users reached 23.2 million, up from 21 million in Q3 2023; 

• Mobile app sign-ins increased 25% year over year to 2 million; and 

• Active users of bank chatbot Erica increased 5% YoY to 19.7 million. 

BIGGER PICTURE: While digital channel usership ticked up, the bank also invested in its branch network, including tech-enabled services. 

Across the bank’s retail, small business and other clientele, “there are times when they need to utilize a branch,” Chief Executive Brian Moynihan said during the call.  

To keep up with these needs, the bank is investing in modernizing its financial centers, Aron Levine, president of preferred banking at Bank of America, said in a Sept. 23 release. 

The bank’s branch count was 3,741 in Q3, down from 3,862 in Q3 2023, according to the bank’s earnings supplement.  

BY THE NUMBERS: In Q3, Bank of America reported:  

• Revenue increased 1% YoY to $25.3 billion; 

• Total noninterest expenses increased 4.4% YoY to $16.5 billion; and 

• Headcount increased to 213,491 during the quarter, up from 212,752 in Q3 2023.  

NOTEWORTHY: On Oct. 2, Bank of America clients reported outages of online and mobile banking services via Downdetector, a website that publishes the status of outages in real time. 

MARKET REACTION: Shares of Bank of America (BAC) were up 0.5% to $42.13 at market close. Bank of America has a market capitalization of $326.9 billion.  

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