9% of cheques deposited are via mobile – leading US bank

16 Jan 2014
Brian Moynihan

The extent that mobile usage is displacing traditional banking practices was shown by a Bank of America statistic that nine per cent of all its cheques deposited now go through iPads and mobile phones.

The figure was cited by Brian Moynihan (pictured), the bank’s president and CEO, on a conference call with analysts following the company’s Q4 2013 results.

He said the figure had grown to nine per cent from seven per cent in Q3, 2013, a significant take-up for a service that only launched a year earlier.

The bank has seen a shrinking number of physical branches as more customers opt for online and mobile banking.

That take-up will shape the bank’s investment priorities, said Moynihan: “So we have probably a half a billion dollars we put in the online and mobile platform across the last three or four years, and we’ll continue to invest at that rate.”

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Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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