Technology Helps People Avoid Banks

According to a report posted by Bank of America, less and less customers are visiting banks to deal with withdrawing and depositing, relying on other methods of doing so. Instead of waiting in line at the bank, customers are relying more on virtual account access through the Internet and ATMs.
 
The report revealed that almost 50 percent of all deposits are made using ATMs, which marks a 17 percent increase from six months ago. About 2.8 million customers have begun banking via cell phone in the last year and a half, and Bank of America is responsible for 60 percent of bills paid online.
 
Bank of America has accompanied the report with the assurance that if the banking giant is to close any of its branches, it will also present a variety of other banking options that customers will be able to take advantage of, incorporating online and mobile technology. Chief Executive Ken Lewis has stated that he may eventually reduce Bank of America’s 6,100-branch bank network by about 10 percent.

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