14 February 2016

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

24 May 2012  |  14697 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."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

23 May, 2012
06 October, 2011
04 August, 2011
06 May, 2011
28 February, 2011
11 February, 2011
05 November, 2010
28 July, 2009
23 October, 2008
11 June, 2008
28 November, 2007

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16543 views comments | 106 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9213 views comments | 30 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
8967 views comments | 35 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7306 views 16 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6661 views comments | 17 tweets | 28 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job