Bank of America reported increased engagement on its digital banking platform for consumers even as it invests in its branch network to strengthen in-person channels.

Expanding branch networks is part of the $2.4 trillion bank’s “investing for the future” strategy, Chief Executive Brian Moynihan said during the bank’s fourth quarter earnings call today. 

“This quarter alone, we added 17 financial centers, with nine of those in our new expansion markets,” he said, adding that Bank of America is looking to provide its services to all age groups and segments of society. 

Meanwhile, the bank’s digital usership has also been increasing steadily similar to peers like JPMorgan Chase. Bank of America reported digital assistant Erica users increased 6% year over year to 19.7 million in Q4, and that 78% of its customers are using digital channels like mobile and online banking compared with 75% in Q3 2024. 

“Our digitalization engagement expanded across all our businesses,” Moynihan said. “We saw more than 14 billion logins to our digital platforms in 2024 [and] Erica capability surpassed two and a half billion interactions from its inception.” 

The bank reported non-interest expense of $16.8 billion, down 5% year over year in the fourth quarter, primarily driven by technological investments over the year, according to the bank’s earnings report. 

BY THE NUMBERS: In Q4, Bank of America reported: 

• Active mobile users of 39 million, up 5% YoY; 

• Revenue of $25.3 billion, up 15% YoY; 

• Net interest income of $14.4 billion, up 3% YoY; and 

• Zelle transaction volume of $127 billion, up 26% YoY. 

OF NOTE: Consumers have been expanding their use of Erica, a Bank of America spokesperson told Bank Automation News in December, adding that in the third quarter, 20 million clients looked to Erica to specifically understand their spending habits and track their subscriptions. 

The bank’s Head of Digital Platforms Jorge Camargo previously told BAN out of 166 million Erica interaction in 2024, 60% were customers looking for insights about their spending. 

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