Bank of America’s direct lending portal gains traction

Photographer: Michael Short/Bloomberg

Bank of America’s technology initiatives continue to gain traction with consumers, according to second-quarter earnings filed with the Securities and Exchange Commission.

The bank’s online portal drove 60% of direct auto loan applications, up from 55% back in February. Meanwhile, Bank of America’s AI-driven banking assistant, Erica, has experienced an increase in users, surpassing the 7.6 million mark. In February, that number was around 6 million.

Still, the Charlotte-based bank’s auto loan portfolio has remained mostly flat at $50.3 billion, up from $50.2 billion in the prior-year period. In the first quarter, outstandings totaled $49.9 billion.

Bank of America originated $18.7 billion in loans and leases last year, according to Big Wheels Auto Finance 2019.

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