Merchant Innovation

BOA’s Mobile App Use Soars – Why?

Bank of America’s mobile banking customer base took a giant swing upward during Q2, up 15 percent from the same time last year in 2013.

“Our customers tell us they want to bank 24/7 and have the ability to bank anytime and anywhere,” said Tara Burke, a spokeswoman for Charlotte-based Bank of America. “We’re constantly looking at new ways to enhance our mobile and online platform to enable customers to chose how they bank

During Q2, the ranks of mobile banking customer swelled to 16.1 million, with 11 percent of deposits carried out via mobile–up from 8 percent a year ago.

“We’re seeing a growth rate in mobile customers of about 195,000 per month and over 170,000 checks deposited per day via mobile,” she said, reports Mobile Commerce Daily. 

At the base of the enrollment boom is the concerted efforts of Bank of America to break into the digital age with an ever increasing menu of digital services with include camera-based check deposits, text-based banking (balance information sent via SMS), an expanded mobile app.  The point of it all is to put as much of the “in-bank” experience as possible on the phone or table, so customers can spend less of their time in the bank.

“There is a growing population within mobile banking that are using the mobile platform as their primary way to bank,” Ms. Burke said. “They do over 85 percent of their transactions within the mobile app—this is because they can—the app can be their primary tool to bank.”


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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