Q&A talks about mobile technology at Bank of America with Kevin Cunningham, credit executive, Northeast region and Canada, and Connecticut state president, Bank of America.
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Q&A talks about mobile technology at Bank of America with Kevin Cunningham, credit executive, Northeast region and Canada, and Connecticut state president, Bank of America.
Q: Bank of America has followed the lead of Apple and instituted fingerprint sign-in for mobile banking. Why take this step? Is it something people will use or do they just appreciate the technology being available?
A: We are constantly evaluating emerging technologies to help meet our customers' changing needs. Our more than 18 million active mobile users tell us they want more seamless, secure options to manage their finances on the go. The introduction of Fingerprint (Android) and Touch ID (iOS) sign-in is just another example of how we're helping those mobile customers bank where, when and how they want.
Q: Your bank has 31 million digital customers. What percentage of that do you expect to adopt fingerprint banking? How secure and/or reliable is fingerprint banking?
A: About 18 million of our digital customers use our mobile banking app, and the Fingerprint and Touch ID sign-in is available to those customers who access the app from their eligible Android, iPhone and iPad devices. Customer response has been very positive and we are seeing increasing numbers of customers sign-in using these features. Security is always a top priority, and we built the technology supporting fingerprint sign-in according to FIDO (Fast IDentity Online) standards. These standards strengthen authentication, and it's also reassuring to note that our customer's biometric data never leaves their device.
Q: Are enhancements like this more targeted towards personal banking? How do apps for small business banking differ?
A: Many of the recent enhancements also apply to our small business clients. Our small business digital experience allows owners to grant customized access to employees and/or accountants. Each of those users could have access to fingerprint authentication. In addition, we offer several small business online/mobile services that enable our clients to operate more efficiently. These services include remote check deposit, the ability to take credit/debit cards via a mobile device, payroll, invoicing, and integration with accounting software.
Q: Mobile banking at Bank of America is growing at a rate of more than 5,000 users per day, according to your figures. What does this mean for brick-and-mortar banks? Does this growth indicate more branches being shuttered in the near future?
A: Our financial centers continue to be an important channel, especially for more complex banking transactions, such as mortgages and auto loans, or when customers are seeking financial advice.
Customers can make an appointment to meet with a specialist in one of our financial centers, including same day in many locations.
In addition, soon customers will be able to click from inside the mobile banking app to be connected directly to the proper associate to meet their needs. We'll continue to provide services through multiple channels — online, branch, mobile, phone, ATMs — to meet our customers' banking needs.
Q: Research shows 73 percent of Millennials would be more excited about a new financial services offering from Google, Amazon, Apple, Square or PayPal than their own financial institution. Why not let others develop the mobile banking that consumers seem to want?
A: We know how influential the Millennial generation will be to the future of banking. In fact, in the most recent Bank of America Trends in Consumer Mobility Report, we found that Millennials are the highest adopters of mobile banking apps out of any generation. They are also the most frequent users of mobile banking, with nearly one-quarter of Millennials accessing their app once a day or more.
We work closely with them to better understand their financial needs so we can deliver tools that provide them increased control.
We also work with many technology companies to integrate their innovative services into our digital offerings, such as the introduction of Apple Pay, Samsung Pay and Android Pay.n
