Why was bank of america industry successful at one point

Bank of America (NYSE:BAC) has had its fair share of missteps over the past decade, but it's also had successes. Topping the list for the latter is the progress it's made in mobile banking, which has enabled the bank to slash operating expenses in its consumer banking segment.

You can get a sense for Bank of America's success in this regard by looking at the number of people who use its mobile application. In the most recent quarter, the bank boasted 19.6 million active mobile users. That's five times the number it had in 2009. To put this in perspective, Bank of America has 60 million total clients within 45 million households.

The impact on Bank of America's transaction mix has been dramatic. Mobile check deposits are up by a factor of 10 since 2012, and now account for 16% of all deposit transactions at the North Carolina-based bank. If you also factor in ATM transactions, two-thirds of Bank of America's deposit transactions are now automated. That compares to only 35% in 2009.

Explanation:

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