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Bank of America reaches 10M mobile banking consumers

According to Bank of America, this represents a growth of nearly three million active users over the last 12 months. As new technology continues to grow, Bank of America is seeing more consumers access their finances via mobile.

“Customers want convenience and flexibility and to be able to bank on the go,” said Tara Burke, a spokeswoman at Bank of America, New York.

“They also want to be in more control of their finances and accounts and mobile banking provides that accessibility,” she said.

Bank of America serves individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

Bank on mobile
Bank of America has mobile applications for iPhone, BlackBerry, Android and Windows Phone devices, as well as tablet-specific apps for Apple, Kindle and Android platforms.

Via the company’s mobile apps, consumers can review account balances, pay bills and locate ATM and banking center locations.

Consumers can also make transfers via the mobile app.

“Customers want choice, some prefer to bank in a branch, others online,” Ms. Burke said.

“It is about providing them the choice and offering multiple channels to bank,” she said.

Consumers can pay their bills via the mobile app

Evolution of banking
Nowadays, more financial institutions are rolling out their own mobile sites and applications.

Consumers are becoming more tech-savvy and companies need to adapt their strategies accordingly.

It is important that financial institutions realize the potential of mobile and make sure that their customers are able to access them no matter what device they are using.

“We continue to see an uptick in the number of mobile banking users and as more mobile technology is developed, we expect our user number to continue to grow,” Ms. Burke said.

Final Take
Rimma Kats is associate editor on Mobile Commerce Daily, New York