Bank of America eclipses 10M mobile banking customers
More than 10 million Bank of America customers are now using its mobile banking services, an increase of 3 million active users over the last 12 months.
Bank of America offers native applications optimized for all major smartphone operating systems, including Apple's (NASDAQ:AAPL) iOS, Google's (NASDAQ:GOOG) Android, Research In Motion's (NASDAQ:RIMM) BlackBerry and Microsoft's (NASDAQ:MSFT) Windows Phone, as well as tablets like Amazon's Kindle Fire. The apps enable consumers to check account balances, transfer funds, pay bills and find the closest ATM.
"We are seeing an average of over $1 billion in transactions weekly through mobile banking," said Aditya Bhasin, Bank of America senior vice president of consumer marketing and online/mobile banking. "It is much more than simply checking balances, they're actively managing their banking accounts."
One-fifth of all U.S. subscribers used their mobile phone to access their bank account, credit card or other financial account in the 12-month period ending in January 2012, and an additional one out of five respondents said they would likely leverage mobile banking services at some point in the future, according to a recent Federal Reserve Board report. The Fed speculates usage could increase to one out of three mobile phone owners by 2013.
In a recent interview with FierceMobileContent, Bank of America's David Godsman, who heads online and mobile solutions, said the company is still sizing up mobile payment opportunities. "We don't see [mobile payments and mobile banking] as two separate entities," Godsman said. "The question that still needs to be solved is what is the problem that we are actually solving for... We will absolutely support a next-gen payment capability if it benefits our customers. We just want to make sure that we enter the perfect product. We want to be right to market, not first to market."
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