Older Crowd Embraces Online Banking, Rewards Firms' Digital Push

The global pandemic and social distancing and fears of infection that have ensued has spurred baby boomers to adopt online banking in increasingly larger numbers, reports Bloomberg . JPMorgan Chase said current online clients are using its online offerings more often, while Bank of America (BoA) noted that older customers are also making increased use of its digital services. "We may have opened some people's eyes to the future," BoA Chief Executive Brian Moynihan told investors at a recent conference. "We're just on a relentless push." Moynihan added that seniors and boomers made 23 percent of new logins to BoA's online and mobile products in April, while this demographic also constituted about 20 percent of customers who deposited checks using cellphones for the first time.