Chase, Wells Report Strong Mobile User Growth

JPMorgan Chase and Wells Fargo are certainly on the right track to becoming #MobileFirst. 

Both banks reported their first quarter 2017 earnings this morning, demonstrating strong mobile user numbers (despite the troubling few quarters that at least one of the banks went through).

Chase reached 27.2 million active mobile customers this quarter, up 14.7% from the 23.8 million it reported in the first quarter of 2016. And since Chase holds about 49 million deposit accounts (as of Dec. 2016, according to FDIC data), means that more than half of its retail customers now bank via mobile. 

The bank also announced strong results overall, with a total revenue of $25.6 billion for 1Q17, compared to Wells’s $22 billion.

Wells Fargo hit 20.3 million MAUs, up also 14.7% from 17.7 million last year. The bank had 28.1 million digital active customers–online and mobile combined–for the month of March, a slight increase from the 27.5 million it reported for March of last year. According to FDIC data, Wells has approximately 80 million deposit accounts. 

Both Chase and Wells mobile apps are consistently in the top 20 of finance apps on App Annie, which tracks app usage for both iOS and Android. Currently, Chase is ranked #6 for iOS, and #5 for Android devices; Wells is #8 on the iOS list, and #9 on Google Play.

 

 

 

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