Internet Changes Everything

Bank of America grows online banking and bill payment user base

Note these online banking numbers are "registered customers" while the bill payment number is "active".

finextra news: Bank of America grows online banking and bill payment user base

14 April 2004 - Bank of America's online banking customer base grew to 8.1 million subscribers during the first quarter of 2004, a 55% increase in user numbers over the year ago period. Online bill payers also grew by 79% to 3.7 million users during the quarter.

Bank of America says its online banking customers are 13% more profitable than non-Web users within three years of going online; customers who both bank and pay bills online are 21% more profitable.

The bank claims to have more online bill payers than any other US bank, with 3.7 million users paying $16.3 billion worth of bill in the first quarter.

Bank of America qualifies active customers as those who have used the bank's online services within the previous three months.

The latest figures, released as part of a positive first quarter results statement, do not include data from merger partner FleetBoston.

18 December 2003 - Bank of America has signed up over seven million customers to its free online banking service.

Bank of America started the year with 4.7 million Web banking customers. The number of consumers using online bill payment services increased to three million during the year, compared to 1.8 million at the start of 2003.

Sanjay Gupta, e-Commerce executive at Bank of America, says there are several reasons for the rapid growth, aminly that customers are becoming more comfortable in handling finances online: "We expect that trend to continue, as customers find that they can do more of their banking online, 24 hours a day."

April 15, 2004 at 07:22 AM in Financial Services | Permalink | TrackBack (28) | Top of page | Blog Home