Bank of America (BofA) mobile banking
customer numbers now exceed 10m, up by almost 40% or almost 3m from
this time last year.
In the past 12 months, BofA m-banking
customer numbers have grown at an average rate of more than 40,000
customers every week.
Aditya Bhasin, consumer marketing and
online and mobile executive, at BofA said:
“Increasingly, our customers are choosing
to manage their finances with us in the digital space. We are
seeing an average of over $1bn in transactions weekly through
“It is much more than simply checking
balances, they’re actively managing their banking
As digital channel usage has increased,
BofA has continued its policy of shrinking its branch
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BofA ended the first quarter with 5,651
outlets, a net reduction of 154 units or 2.7% of its total branch
network since the end of the first quarter last year.
”BofA’s closest rival in terms of
m-banking customers is Chase; it ended the first quarter with 8.6m
active mobile banking customers, up 40% year-on-year.
In direct contrast to BofA’s policy of
reducing its branch network, Chase continues to expand its
Chase ended the first quarter with 5,541
outlets, a net increase of 249 units or 4.7% compared with the year
Wells Fargo ranks third with just under 8m
active m-banking customers.
Wells’ remains the largest US retail bank
as ranked by branches.
Wells Fargo has shuttered 3% of its branch
network in the past year, shrinking its network from 6,587 units to
6,386, a net reduction of 201 branches.
The three largest US retail banks have
beefed up their mobile services strategy in the past 12
The most notable example of the three
banks believe in the mobile channel was the launch last year of
clearXchange, equally owned by BofA, Chase, and Wells
ClearXchange is the
first person-to-person (P2P) payments network created by US banks
for financial institutions that enables customers to send P2P
payments using only the recipient’s mobile number or email