Bank of America Ramps Up Digital Offerings To Capitalize On Expanding E-Commerce Volumes

Bank of America Corp BAC expanded its investments in digital channels to tap the growing online transactions.
Clients logged in to the bank's electronic platforms 1 billion times in July and 2.8 billion times, up 11% in the second quarter.
BAC's new investments will focus on budgeting and financial-planning tools, personalization of apps, and enhanced security.
BAC spends $11 billion on technology every year, including the "Life Plan" financial tool for budgeting and savings, Bloomberg reports.
Digital expansion can also help cut the number of costly branch locations and pare workforces, making it more competitive.
Visa Inc V issued over 4 billion network tokens worldwide through Visa Token Service (VTS), doubling its token count in one year to tap the growing e-commerce volume.
Visa Token Service, which replaces 16-digit Visa account numbers with a digital token only Visa can unlock, helps to protect the underlying account information.
Price Action: BAC shares traded higher by 1.48% at $35.03 on the last check Thursday.
Photo via Wikimedia Commons

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