Bank of America signs one million to m-banking

Bank of America signs one million to m-banking

Bank of America has signed over one million customers to its Web-based mobile banking service, which was launched last year.

BoA introduced mobile banking services in March 2007 to online banking customers in selected markets. The service was expanded across the US in May.

The free service is accessible to consumers who have mobile Internet access via their service provider. Subscribers can use their mobile phones and smartphones to check account balances, pay bills and transfer money.

Almost all customers use the service to view account balances, while eight in ten review transactions and four in ten use their handsets to transfer funds or pay bills, says the bank.

BoA says frequency of use continues to increase monthly, with over four million account sessions in May 2008 alone.

Lance Drummond, e-commerce and ATM executive, Bank of America, says the bank sees over 100,000 users daily on peak high usage days.

BoA says two thirds of its mobile bankers are under 35 years old, while four out of five are under 45 years old.

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