Data source: Bank of America. Chart by author.
This is why Bank of America is so happy about its 22 million customers who actively use its mobile app to deposit checks, as well as to view account balances and schedule appointments with personal bankers in its branches. One in five checks deposited into Bank of America accounts nowadays are done on its mobile app, with the physical checks never entering its system.
This is also why Bank of America and other banks were so quick to sign onto third-party mobile payment apps such as Apple Pay and Samsung Pay. And it explains why the $2.2 trillion bank encourages customers to use their credit cards by offering them rewards to do so.
All of these innovations reduce the use of cash and checks, which, as we now know, cost a lot more to move from one place to another than anyone would have imagined.
10 stocks we like better than Bank of America
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor , has tripled the market.*
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Bank of America wasn't one of them! That's right -- they think these 10 stocks are even better buys.
Click here to learn about these picks!
*Stock Advisor returns as of January 4, 2017
John Maxfield owns shares of Bank of America. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
