Sometimes adding 5,000 mobile banking customers a day — as Bank of America is doing — just isn’t enough.
Bank of America Corp. is increasing mobile users more slowly than rivals JPMorgan Chase and Wells Fargo & Co.
The Charlotte, N.C.-based bank announced today that it had 17.6 million mobile users in the second quarter, up 2.9% from the prior quarter and 13.6% compared to the same period last year. It also announced mobile deposits reached 13% of total deposit volume.
10,000 branch appointments a week are scheduled on mobile devices at Bank of America. “60% of our sales are all digital now, about 6% of the sale that are digital which is computers and mobile, or mobile and that’s growing at 300%,” said CEO Brian Moynihan.
The mobile growth figure is impressive– until you look at the bank’s closest competitors.
Both Chase and Wells grew their mobile user base more quickly. Chase reached 21.001 million users, growth of 5.2% over last quarter and 22.1% over last year. Wells Fargo announced “nearly 16 million” mobile users — more on that here — which, assuming a number of 15.9 million, represents a gain about 6.7% on the quarter and 21.4% on the year.
Interestingly, these mobile numbers do not line up with FDIC deposit account numbers. According to FDIC data for the quarter, BofA has about 70 million deposit accounts, while Chase had 47 million and Wells 81 million.
This figure means 44% of Chase customers are mobile users. BofA has about 25% of its customers suing mobile devices, and Wells Fargo just 19%.
According to the FDIC, in other words, while the nation’s largest largest banks are all growing mobile users at a steady pace, Chase is far outperforming its rivals.