Bank of America continued to see digital adoption grow during the second quarter while keeping up with the digital needs of clients by looking to AI.  

“AI has moved from cost savings ideas to enhancing the quality of our customer interactions,” Chief Executive Brian Moynihan said during today’s second-quarter earnings call.  

The bank reported the following digital adoption and usership during Q2:

• 87% of global banking clients are digitally active; 

• Mobile banking users increased 4% year over year to 39 million; and 

• Digital banking users increased 3% YoY to 47 million. 

BIGGER PICTURE: The bank expects to spend $4 billion on technology initiatives this year, Moynihan said.  

“We have focused our projects around our artificial intelligence enhancements of both clients and our teammates,” he said. 

Recent AI investments include: 

• The bank’s AI adviser and client insights tool, which has delivered more than 6 million insights to financial advisers; and 

• Streamlined service requests using AI through the bank’s business banking platform CashPro. 

BY THE NUMBERS: Bank of America reported in Q2: 

• Efficiency ratio of 66%, from 63% in Q2 2023; and 

• Total revenue of $51.2 billion, down 0.5% YoY. 

FORWARD LOOK: Headcount fell 1.5% YoY to 212,318 during the quarter according to the earnings supplement. 

However, next quarter the bank plans to add approximately 2,500 recent college graduates to start in full-time jobs, Chief Financial Officer Alastair Borthwick said on the call.  

MARKET REACTION: Bank of America (BAC) shares were trading at $42.68, up 0.8% at 9:34 a.m. ET July 16. Bank of America has a market capitalization of $333.8 billion. 

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