Bank of America reports a surge in Zelle users in 2019
Zelle is Used Within Bank of America’s Mobile Application
Over a couple of past few years, technological advancements have paved ways for different industries to make their business efficient. At the same time, the Modern Fintech solutions revolutionized the payment industry. Today, there are more improved payment methods that have completely transformed businesses while providing customers with impeccable and convenient services.
Besides that, the recent wave of becoming ‘cashless’ gives the impression that cash is becoming scarce, and people conduct financial transactions only through digital means. However, if one goes a bit deeper in the recent trends, they will come to know the reality is the opposite of notion. As surprising as it may sound, banks are making the transfer and use of cash more accessible than ever. Let us take a look at two of the newest and most appealing ways they have done that.
The Integration of Zelle
Zelle is used within Bank of America’s mobile application. It connects to a bank account of the user and allows the customers to conduct a financial transaction. By using a phone number or email address, users can send money to other people conveniently and instantly. Not to mention, many banks, including Chas Bank, Wells Fargo, Citi, and Bank of America, have integrated Zelle service into their banking applications.
The recent report revealed the use of Zelle surged this year.
A significant number of Bank of America’s customers are adopting this mobile payment network every week. The report anticipated Zelle’s active user count to be more than 9 million just before 2019 wraps up. It is important to mention here that most of the users were of Gen Z and millennials that uptick the usage away from cash.
In addition to that, it was revealed that Bank of America’s customers conducted 163 million person-to-person financial transactions within ten months. However, this count was at 157 million in 2018. Surprisingly, the bank has around 8.4 million users that are actively using Zelle.
In the mid of this year, the Bank of America’s customers made around 69 million transactions through Zelle, which worth around $18 billion. The transactions have doubled compared to the numbers from the second quarter of 2018.
The Highlight
The usage of Zelle boosted in users irrespective of their demographics. This boost was more prominent among the customers of Bank of America. The users include 68% of Gen Z and millennials, 20% of Gen X, and around 12% of seniors and baby boomers.
The bank’s customers used this mobile payment network for splitting utilities, paying rent, gifting, and family care. When it comes to small business owners, 180,000 of them used Zelle to send and receive financial transactions for their business.
Check Cashing Service
Unlike the old times, when people could cash their checks through banks only, more advanced options are available for the users today. People do not need to visit banks to cash their checks; banks have allowed other services to turn checks into cash. Among them, MOBILEMONEY is one of the leading companies that provide effective and efficient check cashing services to customers.
The highlights of Zelle reveal recent consumer behavior; people today are more likely to prefer digital methods rather than traditional ones. The reason for this is that the service offers great convenience, and it also allows customers to perform financial transactions quickly. If that is the case, there is no denying that people will encourage and prefer to use check-cashing service through ATMs, since they find these devices at several spots.
The Takeaway
Undoubtedly, banks are adopting digital methods to optimize their services today. Similarly, business owners should also implement new strategies by installing MOBILEMONEY’s ATMs to provide their customers with cash when they need it, as well as check cashing services, ticket redemption, portable cash machines at events, and much much more.
