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The retail banking giant is planning to install video terminals in roughly 500 branches over the next two years, mostly in locations where foot traffic cannot justify the cost of having specialists on site. The rollout is likely to be watched closely by other banks that are looking to reduce overhead but don't want to miss out on sales opportunities.
May 22 -
Monitise (MONI) has launched Monitise Create, the company's mobile innovation, design and development services arm, in North America.
June 11 -
A number of banks are looking at checking accounts without overdraft fees or check writing as a way to reach new customers and deepen relationships.
June 11 -
When Bank of America (BAC) announced a new deposit account with a reliable $4.95 monthly fee, some industry observers questioned whether the Charlotte, N.C., company could squeeze out a profit.
June 6 -
With its new checkless checking account, Bank of America is taking a different path than many other large banks that have begun offering prepaid cards.
March 10
Consumers are becoming more reliant on mobile devices in their daily routines, especially for financial matters.
Bank of America released its inaugural "
Having access to a smartphone was so critical for most survey respondents that it trailed only the Internet and personal hygiene in terms of importance. However, 96% of adults between 18 and 24 years old believe using a mobile phone is more imperative than using the Internet, putting on deodorant and brushing their teeth.
Meanwhile, the survey determined that almost two-thirds (62%) of consumers have tried mobile banking. The most common banking activities people use their smartphones for include monitoring account balances and statements, transferring funds and paying bills, and depositing checks, Bank of America found.
Of those who use mobile banking applications, more than four in five access it once a week or more, according to Bank of America. Additionally, 31% use mobile banking at least once a day.
Even though mobile banking is becoming rampant, consumers are still making branch visits, the report determined. For example, 84% of survey respondents visited a bank branch within the past six months. However, just one-quarter said they completed their banking transactions at a branch; about half of the consumers surveyed would prefer to do this either online or through a mobile device.
Bank of America surpassed 15 million active mobile banking customers in 2014. The financial institution
