Digital Transactions reports that Bank of America is still working to convince its customers that its mobile banking options are valuable and secure.
The Charlotte, N.C.-based bank launched its mobile offers in early 2007; the service went nationwide in the second quarter of that year and reached 1 million users a year later. During the third quarter of this year, BofA said it had 3.5 million active mobile-banking users — a 35 percent share of the mobile-banking market, said Doug Brown, B of A's senior vice president of e-commerce channels, during last week's BAI Retail Delivery Conference & Expo in Boston.
About 85 percent of B of A's mobile-banking customers use smart phones, and more than 80 percent of B of A's mobile-banking users are between the ages of 18 and 44. But B of A research shows the bank still has a lot of work to do to expand its mobile-banking customer base, Brown said. About 47 percent of consumers who don't use mobile banking say they don't see a use for it; and another 44 percent say they have concerns about the security of mobile banking.
