23 October 2014

Bank of America claims 10 million mobile customers; accelerates branch closure programme

24 May 2012  |  13606 views  |  0 Bank of America Logo web screen shot

Just a day after Australia's Westpac reported one million users for its mobile banking apps, US behemoth Bank of America wades in with news that it has passed the 10 million milestone.

The banks says the new subscriber data point represents growth of nearly three million active users over the last 12 months.

The bank is using the momentum to reshape its business as customers increasingly embrace the digital lifestyle. The bank closed 154 branches and eliminated 631 ATMs in Q1, citing the move to online and mobile channels as a contributory factor.

BofA CEO Brian Moynihan has said the bank plans to close 750 branches over the coming years as more customers handle their banking through digital channels.

Bank of America lays claims to being the first US financial institution to launch an app for Apple, BlackBerry and Android devices and the only bank that has deployed a tablet-specific app for all three platforms.

Aditya Bhasin, consumer marketing and online and mobile executive, says the bank is seeing an average of over $1 billion in transactions weekly through mobile banking.

"Increasingly, our customers are choosing to manage their finances with us in the digital space," he says. "It is much more than simply checking balances, they're actively managing their banking accounts."

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