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Bank of America hits 10m mobile customers

Hot on the heels of Australia’s Westpac announcing that they have reported one million users of their mobile banking apps, the US giant, Bank of America have released news that it has reached 10m mobile customers.

Bank of America are said to be seeing mobile as a vital cog in changing their business to increasingly embrace the digital lifestyle (online and mobile) of the modern customer of today. As a result they have closed 154 physical branches and 631 ATMs in Q1 2012.

CEO Brian Moynihan also recently stated that the bank plans to close 750 branches over the coming years as more customers handle their banking through digital channels.They claim to be the first US financial institution to launch an app for Apple, BlackBerry and Android devices and are also the only bank that has deployed a tablet-specific app for all three platforms. A true digital innovator.

Aditya Bhasin, consumer marketing and online and mobile executive, says the bank is seeing an average of over $1 billion in transactions weekly through mobile banking.”Increasingly, our customers are choosing to manage their finances with us in the digital space,” he says. “It is much more than simply checking balances, they’re actively managing their banking accounts.”

According to a recent Federal Reserve Board report: One-fifth of all U.S. subscribers used their mobile phone to access their bank account, credit card or other financial account in the 12-month period ending in January 2012, and an additional one out of five respondents said they would likely leverage mobile banking services at some point in the future, They also speculate that usage could increase to one out of three mobile phone owners by 2013.