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Big banks continue slow digitalization

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Major banks' effort to reach customers digitally continues to grow, slowly, against the rise of other businesses using technology to offer new kinds of financial services.

Bank of America dedicated an entire slide of its third-quarter earnings presentation this week to "digital banking trends," while JPMorgan Chase and Wells Fargo mentioned mobile user trends in their latest earnings reports.

Bank of America is "investing a lot of money in making sure they can maintain digital banking trends," said Erik Oja, equity analyst at CFRA Research (formerly S&P), which has a buy recommendation on the stock.