Bank of America Reaches One Million Active Mobile Banking Customers
Published on: 10th Jun 2008
Note -- this news article is more than a year old.
Bank of America says that it has surpassed one million unique active Mobile Banking customers. The service was introduced nationwide in May 2007 as part of Bank of America's suite of Online Banking services. Nearly 25 million consumers bank online with Bank of America.
"Mobile Banking provides consumers with the convenience of managing their finances on-the-go, right from their handheld device. We see over 100,000 users daily on peak high usage days," said Lance Drummond, e-Commerce and ATM executive for Bank of America. "Consumers have a lot of activities to fit into their every day, but still expect to be connected and in control of their finances 24/7. More than 1 million consumers have found the right solution with Bank of America Mobile Banking."
Over 4 million Mobile Banking Customer Sessions Monthly
Almost all customers use Bank of America's Mobile Banking service to view account balances, eight in ten review transactions, while four in ten use their handhelds to transfer funds or pay bills. Frequency of use by active users continues to increase monthly, with over 4 million account sessions in May 2008 alone.
Notably, two-thirds of Bank of America's mobile bankers are under 35 years old and four out of five are under 45 years old, as Gen Y and X consumers who have embraced mobile web technology are similarly driving mobile banking usage.