Three of the nation’s largest banks released their digital user stats this morning, and yes, the banking world is still racing to mobile.
Wells Fargo, in particular, demonstrated strong growth both on yearly and quarterly basis, delivering on the CEO’s promise of “continued focus” on tech and digital, despite the recent turmoil. Wells’s mobile users reached 19.6 million this quarter, up 4.3% from 3Q16, and 21% from a year prior. Overall, total digital active customers — both online and mobile — reached 27.3 for the bank.
Chase led the pack in overall mobile users, totaling at 26.5 million, up 16.2% from 4Q15. The bank, however, showed only a modest 1.9% increase on quarterly basis. Considering several new mobile initiatives at the end of this quarter — including the introduction of Chase Pay at Walmart and Starbucks stores, or the rollout of the free credit score simulator — Chase is well positioned for larger mobile user growth in the coming quarters.
And finally, Bank of America saw 15% yearly increase among its mobile users, reaching 21.6 million this quarter. That’s up 1.4% compared with the last quarter — also modest growth, compared to Wells. BofA, however, blew up in overall digital usage, with 112 million weekly digital interactions last quarter, and 33.8 million active online banking accounts. Mobile currently comprises 19% of total deposits at BofA — equivalent to those at 880 financial centers, CEO Brian Moynihan said during the earnings call this morning.
Here’s the breakdown of mobile user growth for all three banks over time.
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