Mobile internet was once hailed as the future of internet. Now, it is presumably the past since everyone has shifted to app-based services. Mobile banking, similarly, is no longer the future, but the very present you live in at this moment. While not all banks have understood it well, it seems that nobody has understood it better than Bank of America. They have surely turned mobile banking upside down by revolutionizing the way banking is perceived by the mass. Some of its most fascinating aspects are-
Customers and deposits
Currently, Bank of America commands 34 million active users who love digital banking and among them, nearly 23 million people prefer using the app. With only JPMC leading ahead, Bank of America is setting unprecedented standards in mobile banking. However, the bigger question is how you use the banking app. Do you simply check your balance? Or do you actually withdraw and deposit money or approve a payment?
It is here Bank of America has a telling statistical report. One in five transactions in Bank of America occur through the app, which shows that the app is not an inactive one by any means. However, Bank of America provides another advantage in terms of deposit.
Less deposit costs, more digital sales
Of course, remote deposit involves certain amount of workforce, while app-based deposit involves very less, in fact, one-tenth of remote deposit costs. No wonder that Bank of America has been able to cut costs remarkably as one-fifth of its deposits occur through apps. Moreover, once the deposit occurs through app, the probability of digital sales skyrockets. Hence, 22 percent of the bank’s sales involved the digital medium.
Of course, it did include the personal computer as a digital device, but the fair share of mobile devices can hardly be ignored. In short, Bank of America is looking to expand its possibilities in all directions and they are not limited to simple statistical supremacy.
More mobile interactions
Since Bank of America has taken an active interest in mobile banking, it is hardly surprising that they would want to evaluate the amount of interaction they have with their customers through the app. As much as 1 billion interactions were noted during the second quarter. So, dividing it with the number of mobile customers, it is easy to see that as many as 15 times each customer logged in each month. So, every other day, a Bank of America client would check the balance, deposit something or approve a payment.
Surely that is more than frequent mobile banking to say the least. No wonder Bank of America has climbed ahead of others in mobile banking and they may well topple JPMC in all quarters given their growth rate. No wonder it is a happy time for CEOs as the new venture has brought considerable success to them. Whether Bank of America can hold on to this superb success and make it grow and evolve further with technological advancements is a matter of the future.