Mobile Growth Racing Ahead at Chase, Wells Fargo, Bank of America

  • Philip Ryan
  • April 14, 2016
  • 6

© Can Stock Photo Inc. / MrsAThe mobile banking market is not saturated — not even close.

The three largest banks — JPMorgan Chase, Bank of America, and Wells Fargo & Co. — saw sustained growth in the first quarter — one of the fastest-ever for Bank of America, said CEO Brian Moynihan during today’s earnings call.

But Wells Fargo’s growth rate on the quarter was more than twice BofA’s — 9.3% compared with 4.4% for Bank of America. JPMorgan Chase posted similar gains to Bank of America for the quarter, also increasing active mobile users 4.4%.

Bank of America’s year-over-year growth, while still impressive, was far below its two rivals. It grew its mobile user base just 14.6% on the year, while Chase grew 19.2% and Wells 18.8%.

Active Mobile Banking Users 1Q15 4Q15 1Q16 QOQ YOY
JPMorgan Chase 19.9 22.8 23.8 4.4% 19.2%
Wells Fargo 14.9 16.2 17.7 9.3% 18.8%
Bank of America 17.1 18.8 19.6 4.4% 14.6%

Bank Innovation has been gathering mobile banking usage data at the nation’s largest banks since the first quarter of 2013. The chart below illustrates Chase’s growing lead over Bank of America during the three-year span, and Wells Fargo’s recent bumpy growth. Still, all three banks are growing massively, and with no signs of slowing.

And yet many banks do not reveal mobile numbers. For those that are publicly traded, stockholders should demand this information, because in it lies a bank’s future.

1Q16_chart_activemobileusers

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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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6 thoughts on “Mobile Growth Racing Ahead at Chase, Wells Fargo, Bank of America

  1. It would be interesting to know how each of the institutions defines “active” users.

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