| By Jim Bruene on June 11, 2008 4:39 PM | Comments (0) |
As expected, Bank of America reached the one-million-mobile-user milestone this week. Last month the bank disclosed it had 840,000 active mobile users as of March 31. With 160,000 new users in the past 9+ weeks, it appears that BofA has stayed on the 75,000/mo pace of first quarter.
Even more interesting to me was the news that the bank has "nearly 25 million" online banking users. That's 3 million more than the bank had last fall, an impressive 13% gain. Six years ago, there weren't even 20 million online banking households in the entire country (see note 1).
The bank also passed along a few other mobile metrics in today's press release:
- 40% are using mobile for money movement (bill pay and/or funds transfer within BofA accounts)
- 80% viewed transactions and balance data (leaving 20% who check balances only)
- In May, the bank had 4 million mobile sessions, or 4.2 sessions per user/per month, assuming 950,000 active users
- Two-thirds of mobile users are under 35, about 13% are age 35-44 and 20% are older than 45
Note:
1. Source: Online Banking Report: 2008 through 2017 Forecast
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