Bank of America reached 12.6 million mobile users in the first quarter of 2013, which is 30% higher than in the first quarter of 2012, CEO Brian Moynihan revealed in an earnings call today.
The bank’s mobile users grew 5% over last quarter’s 12 million. In the first quarter of 2012, the bank reported 9.7 million users.
Mobile deposits grew 36% QOQ as 9.3 million checks were deposited in Q1 of 2013. That’s 100,000 checks deposited by remote deposit capture (RDC) every day.
JPMorgan Chase and Wells Fargo both reported active mobile user growth of 32% YOY and 7% QOQ earlier this week.
Bank of America continues to shed branches as it moves from direct contact to self-service channels. It had 5,651 branches in 1Q 2012, and 5,389 in 1Q 2013 — a drop of about 5% YOY. This doesn’t mean the bank isn’t building branches, however. It is simply replacing some less-visited branches with new locations it hopes will see higher volume.
Bank of America holds approximately $530 billion in deposits.