Bank of America increased its technology investments during the third quarter amid increased virtual assistant and digital platform usership.

The $3.1 trillion bank in Q3 enhanced its CashPro platform, launched biometric sign-in capabilities and posted a record number of digital logins, which is prompting the hiring of tech-focused talent to help facilitate the rise in online banking users, Alastair Borthwick, chief financial officer at Bank of America, said during today’s earnings call.

“We continue to make steady investments in our people, technology, marketing and financial centers,” Borthwick said. “Our headcount for added employees this quarter is close to 5,500 in staff and support and technology positions to support those lines of business.”

Bank of America reported for Q3:

• Noninterest expenses increased 12% since Q2 to $5.1 billion;
• Revenue climbed to $9.9 billion through higher balances and interest rates, a 12% increase year over year;
• A record 72% of overall households actively used digital platforms, a 2% increase YoY;
• 43.5 million digital banking users, up 6% or 2.6 million from last quarter;
• Virtual assistant Erica users jumped 38% sequentially to 31.7 million with 133.6 million interactions; and
• Payment platform Zelle logged 255 million transactions, a 26% sequential increase.

Digital banking growth

The Charlotte, N.C.-based bank filed a record number of patents filed in the first half of 2022 in areas including artificial intelligence, machine learning and online, mobile and advances in consumer banking to help simplify processes and reduce work.

Bank of America will continue its digital growth efforts, including online banking and digitization, Chief Executive Brian Moynihan said during the call.

“Continued digitization allows us to continue to be efficient and effective, as the money saved goes back into marketing and into more technology … and then into people where we need them,” Moynihan said.