Bank of America Reaches 10 Million Mobile Banking Users

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Bank of America (BAC) reached a milestone of 10 million mobile customers, the bank announced Wednesday.

Mobile banking is a growing channel for most banks as younger generations of bankers who are accustomed to doing everything online and in a mobile environment are demanding more sophisticated products and services from their banks.

“[Mobile] is where our customers are, and it’s how they are interacting with everything else…and they are expecting their banking provider to be there,” Aditya Bhasin, consumer marketing and online and mobile executive for Bank of America, says.

The BofA product lets customers check balances, view transaction history, move money between many types of accounts, pay bills and locate ATMs on their mobile devices, the bank said. Bank of America has plans to add more products and services to its mobile banking channel, such as remote deposit capture, later in the year.

Security experts warn that malware targeted at both iOS and Android operating systems is on the rise, and that banks have to carefully guard against it.

BofA does not hold customers liable for any fraudulent account use, provided the customer report such activity within 60 days, the bank says.

The BofA product is available on smartphones including Android, Blackberry, and Apple iOs, and Windows devices, as well as Android and Apple OS tablets, including the iPad and Kindle Fire.

Bank of America saw a growth of 3 million mobile customers compared to the same time a year ago. For 2012, Bank of America has added about 43,000 new active mobile customers per week, the bank said.

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