CHARLOTTE, N.C.—Bank of America announced that deposits made on mobile devices are outpacing those made at branches for the first time.
Customers logged into Bank of America's mobile app 1.4 billion times last quarter, CNN reported.
Bank of America's large network of branches fell to 4,411 at the end of June, compared with 4,542 a year ago.
“The company has 1,720 fewer branches than it did in June 2008. That's a 28% drop. At the same time, Bank of America's active mobile banking users jumped by 11% to 25.3 million over the past year,” CNN said.