Bank of America grows online banking and bill payment user base
14 April 2004 | 5848 views | 0
Bank of America's online banking customer base grew to 8.1 million subscribers during the first quarter of 2004, a 55% increase in user numbers over the year ago period. Online bill payers also grew by 79% to 3.7 million users during the quarter.
Bank of America says its online banking customers are 13% more profitable than non-Web users within three years of going online; customers who both bank and pay bills online are 21% more profitable.
The bank claims to have more online bill payers than any other US bank, with 3.7 million users paying $16.3 billion worth of bill in the first quarter.
Bank of America qualifies active customers as those who have used the bank's online services within the previous three months.
The latest figures, released as part of a positive first quarter results statement, do not include data from merger partner FleetBoston.