Mobile in the time of digital

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4 February 2016


  • Stephen,

    I suspect two things.

    1. BofA sees revenue in-branch going south quickly, and doesn't yet have any significant revenue via mobile (or digital generally) and knows that without it they are in trouble, and
    2. Engagement on mobile has peaked. Number of interactions with the app is flat and there's little value beyond transactional activity. This is not relationship building stuff that retains customers

    BofA realizes that mobile is the ONLY channel they should be investing in if they want to have long-term revenue, cross-sell and relationships that prevent churn.