Bank of America Corp (NYSE:BAC) has made a ton of traction in the world of mobile banking when it comes to users. As CEO Brian Moynihan explains, it’s not just the younger crowd that’s behind the explosive growth.
CNBC shares what the BAC chief had to say.
Millennials aren’t the defining factor in Bank of America’s mobile banking strength, which grew by 11 percent in the second quarter to 25.3 million active users, Chairman and CEO Brian Moynihan told CNBC on Monday.
“Our mobile capabilities and core mobile banking go far beyond the millennials,” Moynihan told “Mad Money” host Jim Cramer in an exclusive interview after earnings.
For the quarter, Bank of America’s mobile app saw a staggering 1.4 billion logins. The Zelle app, the banking world’s answer to Paypal’s Venmo and Square Cash, also continues to gain traction in the peer-to-peer payment space.
“I got asked a question on the earnings call today, ‘Is this millennials?’ Well, there’s 35 million digital users,” Moynihan added. “There aren’t enough millennials to do that. And so it spreads across all age cohorts, even guys as old as us, Jim.”
Bank of America Corp shares were trading at $29.81 per share on Thursday morning, down $0.32 (-1.06%). Year-to-date, BAC has gained 1.78%, versus a 5.72% rise in the benchmark S&P 500 index during the same period.