High tech, high touch: Bank of America to increase $3bn spending on technology initiatives

Bank of America has a commitment to spend $3bn on technology initiatives, and according to the CEO this is only set to increase.

Announcing the organisation’s Q1 earnings for 2019, CEO Brian Moynihan has reiterated the bank’s commitment to technology transformation.

Since 2012, Bank of America has invested around $20mn in “new initiatives spending”. In a news release, the bank outlined it had won over 30 digital awards in the past two years, with Online and Mobile at Bank of America being certified by JD Power as providing “outstanding customer experience”.

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Currently, the bank has 37mn active digital banking users and 27.1mn active mobile banking users.

The bank’s goal is to be both ‘high tech and high touch’ meaning it is matching its digital advancement with customer access points such as branches and ATMs. In Q1 2019, it has opened 15 new financial centres.