News
BAI RD: Mobile banking adoption still has a long way to go, according to B of A
November 8, 2009
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.
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
Recent Posts
SEC accuses former ATM businessman Daryl Heller of funneling $185M from investors
Fifth Third named as top veteran friendly employer
DC AG sues Bitcoin ATM operator Athena Bitcoin for allegedly exploiting scam victims
NCR Atleos earns #5 rank in fintech rankings
SEC to revamp cryptocurrency policies amid Trump's pro crypto push
