Wall Street banks want robots to do more and more of their business

RTX1H0NMREUTERS/Yuya ShinoWall Street banks should be pleased to see more of their customers are adopting mobile and online options as they scale down on staff.

Wall Street is going digital and it isn’t coming back.

Big banks are cutting jobs and expanding their presence online, doing more marketing and adding mobile services. And their customers are eating it up.

Second quarter earnings reports showcased a number of trends that might excite investors who hope Wall Street’s banks will be able to fight off digital descriptors eager to chip into their prized lines of business.

In its earnings report JPMorgan revealed it is originating more credit card accounts online in the second quarter of 2015 (62%) than it had a year prior (54%). The bank also reported a year-over-year in online users (nearly 8%) and even greater growth among mobile users (up more than 22%).

What’s shrinking in number? Bank branches, of course. And headcount. More consumers handling transactions and budgets online de-emphasises the need for actual bank staff.

In terms of expanding their online and mobile reach, Bank of America’s quarterly data reflects a similar shift. The bank reported single-digit percentage growth in online operations and double-digit percentage growth for its mobile products.

At a time when consumers have been slow to adopt products like Apple Pay, shareholders should view it as good news that Wall Street banks are increasing mobile adoption among their customers.

Bank of America also revealed that for the six months ending June 30th 2015 it has 7% fewer full-time employees than a year prior.

Not that anyone should be shocked by this. Big banks are moving more low-level jobs out of places like New York. At the same time, Wall Street is adding more high-paid workers.

More earnings news is on the way Thursday morning, when Citigroup and Goldman Sachs report results.

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