This statistic illustrates the share of people who primarily use an account at Bank of America in the United States in 2024. The results were sorted by age. As of **********, ** percent of respondents aged 18 to 29 years stated their main bank account is at Bank of America. The survey was conducted in 2024, among ****** respondents. Access millions of exclusive survey results with Statista Consumer Insights.

Between 2013 and 2024, the number of mobile banking customers of Bank of America more than doubled. In 2024, the bank's mobile active customer base was just below ** million, up from **** million a year earlier. Among the largest U.S. banks, Bank of America had the second-highest number of mobile customers in 2024.

From 2012 to 2024, the total number of complaints lodged by Bank of America customers increased more than threefold. In the first quarter of 2012, the American banking giant received approximately 4,500 consumer complaints, which surged to around 13,700 by the third quarter of 2024. This significant rise in complaints can be attributed to several factors, including an increase in customer awareness of their rights, the growing complexity of banking products and services, and heightened scrutiny of financial institutions in the wake of economic changes.

Among the four largest banks headquartered in the United States, JPMorgan Chase had the highest number of active mobile customers in 2024. Over ** million JPMorgan Chase customers were active mobile banking users. Bank of America had the second-highest number of active mobile customers, which was roughly ** million.

The US retail banking market, a sector characterized by intense competition and evolving customer expectations, is projected to experience steady growth. While the provided data lacks specific market size figures, a reasonable estimation can be made. Given a CAGR of 4% and a base year of 2025, we can infer substantial market value. The growth is driven by factors such as increasing digital adoption among consumers, the rise of fintech innovation pushing traditional banks to adapt, and the persistent demand for personalized financial products and services. This necessitates banks to invest heavily in technology, enhance customer experience through seamless digital platforms, and expand their product offerings to remain competitive. Furthermore, regulatory changes and evolving consumer financial behaviors contribute to market dynamism. Despite robust growth projections, the market faces challenges. These include increasing operational costs, stringent regulatory compliance requirements, and the potential for economic downturns to impact consumer spending and loan demand. The competitive landscape, with established giants like JPMorgan Chase & Co., Bank of America Corp., and Wells Fargo & Co. alongside emerging fintech players, necessitates strategic adaptation and innovation to maintain market share. Successful players will be those who can successfully balance profitability with customer-centric strategies, effectively leveraging technology to improve efficiency and enhance customer experience, while adhering to evolving regulatory frameworks. Segmentation within the market will continue to be vital, with specialized offerings targeting demographics and individual needs. Recent developments include: In May 2021, HSBC announced that it is exiting the retail and small business banking market in the United States, in line with its strategy to refocus on corporate and investment banking in Asia., In November 2020, Wells Fargo announced a new solution to help business customers eliminate paper checks by using one-time virtual card numbers to digitally pay invoices through the WellsOne Virtual Card Payments service.. Key drivers for this market are: Next generation technologies, Optimized physical distribution: Analytics and workforce fluidity; Developing an omnichannel workforce. Potential restraints include: Next generation technologies, Optimized physical distribution: Analytics and workforce fluidity; Developing an omnichannel workforce. Notable trends are: The Spending by Retail Banks for digital banking is increasing in US..

Thailand CB: Number of Branches: Bangkok: Bank of America, National Association data was reported at 1.000 Unit in Feb 2019. This stayed constant from the previous number of 1.000 Unit for Jan 2019. Thailand CB: Number of Branches: Bangkok: Bank of America, National Association data is updated monthly, averaging 1.000 Unit from Dec 2018 (Median) to Feb 2019, with 3 observations. The data reached an all-time high of 1.000 Unit in Feb 2019 and a record low of 1.000 Unit in Feb 2019. Thailand CB: Number of Branches: Bangkok: Bank of America, National Association data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.KB024: Commercial Banks: Number of Branches.

This analysis presents a rigorous exploration of financial data, incorporating a diverse range of statistical features. By providing a robust foundation, it facilitates advanced research and innovative modeling techniques within the field of finance.

Bank of America's Consumer Banking Division Poised for Strong Q2 Performance

Financial data:

• Historical daily stock prices (open, high, low, close, volume)

• Fundamental data (e.g., market capitalization, price to earnings P/E ratio, dividend yield, earnings per share EPS, price to earnings growth, debt-to-equity ratio, price-to-book ratio, current ratio, free cash flow, projected earnings growth, return on equity, dividend payout ratio, price to sales ratio, credit rating)

• Technical indicators (e.g., moving averages, RSI, MACD, average directional index, aroon oscillator, stochastic oscillator, on-balance volume, accumulation/distribution A/D line, parabolic SAR indicator, bollinger bands indicators, fibonacci, williams percent range, commodity channel index)

Machine learning features:

• Feature engineering based on financial data and technical indicators

• Sentiment analysis data from social media and news articles

• Macroeconomic data (e.g., GDP, unemployment rate, interest rates, consumer spending, building permits, consumer confidence, inflation, producer price index, money supply, home sales, retail sales, bond yields)

Potential Applications:

• Stock price prediction

• Portfolio optimization

• Algorithmic trading

• Market sentiment analysis

• Risk management

Use Cases:

• Researchers investigating the effectiveness of machine learning in stock market prediction

• Analysts developing quantitative trading Buy/Sell strategies

• Individuals interested in building their own stock market prediction models

• Students learning about machine learning and financial applications

Additional Notes:

• The dataset may include different levels of granularity (e.g., daily, hourly)

• Data cleaning and preprocessing are essential before model training

• Regular updates are recommended to maintain the accuracy and relevance of the data

Thailand BAC: Assets: Customers' Liabilities under Acceptances data was reported at 0.000 THB th in Sep 2018. This stayed constant from the previous number of 0.000 THB th for Aug 2018. Thailand BAC: Assets: Customers' Liabilities under Acceptances data is updated monthly, averaging 0.000 THB th from Jan 2011 (Median) to Sep 2018, with 93 observations. Thailand BAC: Assets: Customers' Liabilities under Acceptances data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.KB058: Balance Sheet: Foreign Bank: Bank of America.

The value of customer deposits of the Bank of America increased significantly in the past years, though growth rate moderated significantly. In 2024, Bank of America had over 1.96 trillion U.S. dollars in customer deposits, compared to just under 720 billion U.S. dollars in 2007.

Graph and download economic data for Large Bank Consumer Credit Card Originations: Number of New Accounts (RCCCONUMACT) from Q3 2012 to Q4 2024 about accounts, FR Y-14M, origination, consumer credit, credit cards, large, new, loans, consumer, banks, depository institutions, and USA.

Thailand BAC: Assets: Loans to Customers: Net data was reported at 4,630,679.000 THB th in Jun 2018. This records a decrease from the previous number of 6,026,438.000 THB th for May 2018. Thailand BAC: Assets: Loans to Customers: Net data is updated monthly, averaging 3,283,002.500 THB th from Jan 2011 (Median) to Jun 2018, with 90 observations. The data reached an all-time high of 6,707,611.000 THB th in Oct 2015 and a record low of 1,321,536.000 THB th in May 2011. Thailand BAC: Assets: Loans to Customers: Net data remains active status in CEIC and is reported by Bank of Thailand. The data is categorized under Global Database’s Thailand – Table TH.KB058: Balance Sheet: Foreign Bank: Bank of America.

Commercial Banks generate most of their revenue through loans to customers and businesses. Loans are set at interest rates that are influenced by different factors, including the federal funds rate (FFR), the prime rate, debtors' creditworthiness and overall macroeconomic performance. The Commercial Banking industry’s performance was mixed during the current period, which included both the postpandemic recovery and a strong economy amid high interest rates. At the onset of the period, volatile economic conditions created domestic and global dollar funding pressures, creating havoc in the Treasuries market and causing the Fed to act as a dealer of last resort by flooding the international and domestic dollar funding markets with liquidity. The Fed set interest rates to near zero in March 2020 to stimulate the economy; despite this, weak economic performance in 2020 limited demand for bank lending and investment, causing industry revenue to decline. In 2022, the Fed began increasing interest rates to curb historically high inflation. Commercial Banks benefited from the higher rates, which resulted in greater interest income for the industry and contributed to double-digit revenue growth in 2022 and 2023. However, as inflation receded, the Fed cut interest rates in 2024 and is anticipated to cut rates further in 2025 to provide a boost to the economy. Overall, industry revenue has been growing at a CAGR of 7.2% to $1,418.0 billion over the past five years, including an expected decrease of 3.7% in 2025 alone. During the outlook period, industry revenue is forecast to shrink at a CAGR of 1.3% to $1,328.5 billion through the end of 2030. Further interest rate cuts would lower interest income for the industry, hampering profit. In a lower interest rate environment, commercial banks would likely encounter rising loan demand but experience reduced investment income from fixed-income securities. In addition, the acquisition of financial technology start-ups to compete will increase as the industry continues to evolve.

Graph and download economic data for Large Bank Consumer Mortgage Balances: Number of Accounts (RCMFLBACTNUM) from Q3 2012 to Q1 2025 about accounts, FR Y-14M, large, balance, mortgage, consumer, banks, depository institutions, and USA.

The United States private banking market, valued at $101.74 billion in 2025, is poised for robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 9.87% from 2025 to 2033. This expansion is driven by several key factors. Firstly, increasing high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) in the US are seeking sophisticated wealth management solutions, fueling demand for personalized financial services. Secondly, favorable economic conditions and a rising stock market contribute to increased investable assets, further boosting market growth. Technological advancements, particularly in areas like robo-advisors and digital platforms, are enhancing efficiency and accessibility, attracting a broader client base. Finally, the growing demand for specialized services, including asset management, insurance, trust services, tax consulting, and real estate consulting, across both personal and enterprise applications, contributes significantly to market expansion. The competitive landscape is dominated by major players like Morgan Stanley, JP Morgan Chase, and Bank of America, amongst others, each vying for market share through strategic acquisitions, product innovation, and enhanced client service offerings. The segmentation of the US private banking market reveals a significant share held by asset management services, reflecting the preference of HNWIs for proactive investment strategies. Insurance services play a crucial role in risk mitigation, while trust services are vital for estate planning and wealth preservation. Tax consulting and real estate consulting cater to the specific financial needs of HNWIs and their businesses. The market’s trajectory is influenced by potential restraints including regulatory changes, economic downturns, and competition from fintech companies. However, the overall market outlook remains positive, driven by the continued growth of the HNWI population and the increasing sophistication of wealth management needs. The forecast period of 2025-2033 anticipates substantial market expansion, driven by ongoing trends in technological integration and personalized financial advice. Recent developments include: February 2024: Bank of America furthered its efforts in tailoring digital banking experiences as clients increasingly gravitated toward managing their finances online.March 2024: Goldman Sachs Asset Management, a division of Goldman Sachs Group, revealed plans to bolster its private credit portfolio. The firm aims to grow it from the current USD 130 billion to a target of USD 300 billion over the next five years.. Key drivers for this market are: Rising Number of HNWIs, Digitization of Private Banking. Potential restraints include: Rising Number of HNWIs, Digitization of Private Banking. Notable trends are: Rising Number of HNWIs Driving the Market.

India Credit Card: Number of Transaction: Volume: POS: Bank of America data was reported at 52,260.000 Unit in Aug 2018. This records a decrease from the previous number of 54,176.000 Unit for Jul 2018. India Credit Card: Number of Transaction: Volume: POS: Bank of America data is updated monthly, averaging 23,500.000 Unit from Apr 2014 (Median) to Aug 2018, with 53 observations. The data reached an all-time high of 54,176.000 Unit in Jul 2018 and a record low of 1,297.000 Unit in May 2014. India Credit Card: Number of Transaction: Volume: POS: Bank of America data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

Graph and download economic data for Number of Bank Branches for United States (DDAI02USA643NWDB) from 2004 to 2019 about banks, depository institutions, and USA.

The home equity loan market, valued at $30.74 billion in 2025, is projected to experience steady growth, driven by several key factors. Rising home values in many regions are providing homeowners with increased equity, making them eligible for larger loan amounts. Low interest rates, while fluctuating, historically contribute to increased borrowing. Furthermore, the increasing preference for home renovations and improvements fuels demand for home equity loans, as homeowners utilize this accessible source of funding for projects ranging from kitchen upgrades to energy-efficient replacements. The market is segmented by loan type (fixed-rate loans and home equity lines of credit – HELOCs) and service providers (banks, online lenders, credit unions, and others). Banks and credit unions traditionally dominate the market, but online lenders are gaining traction due to their ease of access and streamlined application processes. Competition among these providers is intensifying, leading to innovation in product offerings and customer service. While economic downturns could potentially restrain growth, the long-term outlook remains positive, fueled by ongoing demand for home improvements and refinancing opportunities. The geographic distribution of the market is extensive, with significant presence across North America, Europe, and Asia-Pacific. The continued expansion of the home equity loan market is anticipated to be influenced by several dynamic factors. Government regulations and policies concerning lending practices will continue to shape the landscape. Technological advancements such as online platforms and sophisticated risk assessment tools will likely enhance efficiency and accessibility. Furthermore, evolving consumer preferences and financial literacy levels will play a significant role in determining demand for specific loan products. Geographic variations in housing markets, interest rates, and regulatory environments will lead to differential growth rates across different regions. The competitive landscape, marked by a diverse range of established and emerging players, suggests a dynamic market susceptible to shifts in market share based on product innovation, customer service, and strategic partnerships. Recent developments include: In April 2022, Redfin a real estate company based in Seattle (United States) acquired Bay Equity Home Loans with a sum of USD 137.8 Million. The merger accelerates Redfin’s strategy for expanding its business with customers to buy, sell, rent, and finance a home., In July 2022, Ontario Teachers’ Pension Plan Board acquired HomeQ which exists as a parent company of HomeEquity Bank, from Birch Hill Equity Partners Management Inc. HomeEquity Bank exist as a Canadian Bank offering a range of reverse mortgage solutions product and Ontario Teachers' Pension Plan Board is a global investor.. Key drivers for this market are: Increase In Sales of Household Units, Higher Duration of Repayment. Potential restraints include: Increase In Sales of Household Units, Higher Duration of Repayment. Notable trends are: Access to Large Amount of Loan.

From January 1, 2012 through October 28, 2024, Bank of America received approximately ******* consumer complaints. The most common areas of complaint were mortgages, checking and savings accounts, and credit and prepaid cards. Of these, mortgage-related issues led all categories with nearly ****** complaints.

Brazil Bank of America Merrill Lynch: Prudential: Income Statement: OOIE: Tax Expenses data was reported at -19,772.000 BRL th in Mar 2019. This records an increase from the previous number of -32,689.000 BRL th for Dec 2018. Brazil Bank of America Merrill Lynch: Prudential: Income Statement: OOIE: Tax Expenses data is updated quarterly, averaging -22,607.000 BRL th from Mar 2014 (Median) to Mar 2019, with 21 observations. The data reached an all-time high of -9,475.000 BRL th in Sep 2014 and a record low of -48,574.000 BRL th in Dec 2016. Brazil Bank of America Merrill Lynch: Prudential: Income Statement: OOIE: Tax Expenses data remains active status in CEIC and is reported by Central Bank of Brazil. The data is categorized under Brazil Premium Database’s Banking Sector – Table BR.KBC099: Commercial Banks: Income Statement: Bank of America Merril Lynch.

The industry closely follows global economic performance since demand for loans is heavily influenced by business and consumer confidence as well as the level of activity that requires financing. The strong global economic performance fueled by the United States and emerging markets, such as China and South East Asia, are expected to improve from increased aggregate private investment, which has supported loan origination. Although Global Commercial Banks revenue has lagged at a CAGR of 0.1% to $2.9 trillion over the past five years, including an estimated drop of 0.2% in 2024 alone. Strong performance in the United States and China for most of the last five years has bolstered economic activity. Low interest rates at the onset of the period have fomented loan origination, primarily from businesses taking advantage of the opportunity and individuals taking out residential mortgages. This low interest rate environment has hurt industry profit, which has supported efforts to consolidate operations. The interest rate environment has reversed due to rising inflation. This is anticipated to increase industry profit towards the end of the period. Industry revenue is expected to grow as the global economy continues to recover from the volatile economic environment at the onset of the period and tighten its monetary policy. In addition, interest rates are expected to be cut further at the onset of the outlook period has inflation continues to ease. Strong economic performance in emerging markets is anticipated to foment growth of commercial banking activity in various countries and aid faster revenue growth over the next five years. But geopolitical tensions are expected to ramp up and pose an important threat to growth. Global commercial banks revenue is expected to climb at a CAGR of 3.0% to $3.3 trillion over the five years to 2029.