28 July 2017
visit www.avoka.com

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

24 May 2012  |  15505 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)

Finextra news in your inbox

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

Related stories

BofA taps Microsoft Tag to push app

BofA taps Microsoft Tag to push app

04 August 2011  |  7437 views  |  0 comments
Bank of America to offer overdrafts by text

Bank of America to offer overdrafts by text

06 May 2011  |  10673 views  |  1 comments
BofA trials BlackBerry contactless payments

BofA trials BlackBerry contactless payments

28 February 2011  |  10906 views  |  0 comments
BofA pilots video conferencing for wealth advice

BofA pilots video conferencing for wealth advice

11 February 2011  |  10410 views  |  0 comments
BofA and Citi testing iPhone and Android for corporate e-mail - Bloomberg

BofA and Citi testing iPhone and Android for corporate e-mail - Bloomberg

05 November 2010  |  11507 views  |  2 comments
BofA to close 10% of branches as customers go online and mobile - WSJ

BofA to close 10% of branches as customers go online and mobile - WSJ

28 July 2009  |  8054 views  |  1 comments
Bank of America offers m-banking apps for Google Android

Bank of America offers m-banking apps for Google Android

23 October 2008  |  12245 views  |  0 comments
Bank of America signs one million to m-banking

Bank of America signs one million to m-banking

11 June 2008  |  7581 views  |  0 comments
Bank of America clocks up 500,000 m-banking customers

Bank of America clocks up 500,000 m-banking customers

28 November 2007  |  9404 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.niceactimize.comvisit www.finastra.com

Who is commenting?

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
11470 views comments | 7 tweets | 7 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
10568 views comments | 7 tweets | 21 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
10448 views comments | 30 tweets | 30 linkedin
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
9193 views 16 comments | 33 tweets | 38 linkedin
Credit scoring startup Aire raises $5m; wins Zopa dealCredit scoring startup Aire raises $5m; wi...
8275 views comments | 9 tweets | 8 linkedin

Featured job

Competitive base, bonus, benefits
London or South-East, UK

Find your next job