While Still Hot, Growth of Mobile Users Slows at JPM, Wells

  • Philip Ryan
  • January 14, 2015
  • 2
Active Mobile Customers (in millions)

Active Mobile Customers (in millions)

The number of mobile users continues to grow at both JPMorgan Chase and Wells Fargo, but as 2014 came to a close, growth slowed at both banks, according to data released today by the megabanks.

JPMorgan Chase reported 19.1 million active mobile customers in the fourth quarter of 2014, a rise of 3.8% over the previous quarter and 22.4% over the previous year.

These results compare unfavorably to the third quarter, when mobile users grew 7% QOQ and 23.5% YOY.

JPM has the most active mobile customers in the nation. We estimate that JPM will pass the 20 million-users mark late this quarter.

Wells Fargo, meanwhile, reported 14.1 active mobile customers on the quarter, a rise of 2.9% on the quarter and 18.5% on the year. This also falls short of the previous quarter’s 4.6% QOQ growth and 19.1% growth on the year.

Some seasonality may be involved in these numbers, as 4Q13 also saw less growth than previous periods.

It is worth noting, however, that both banks mobile growth rates exceeded growth in average deposits, which grew 8% YOY at both institutions.

The table below presents the date for active mobile users the previous eight quarters at both banks.

1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014
JPMorgan Chase 13.2 14 14.9 15.6 16.4 17.2 18.4 19.1
Wells Fargo 10.1 10.7 11.5 11.9 12.5 13.1 13.7 14.1

 

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Philip Ryan is Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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