Bank of America's Online Numbers
The supplemental data provided by Bank of America as part of its third quarter earnings release includes one very interesting chart on page 19 - titled "E-Commerce & BankofAmerica.com".
On this page, the bank reports having 20.6 million active online banking customers (largest in the US) of which 10.8 million were active bill pay users who paid $48.5 billion worth of bills during the quarter. At the bottom of the page is an interesting analysis showing the positive trends in deposit balances, loan balances, and customer profitability for online banking customers after three years. As one comparison to BofA's data, PayPal yesterday reported having 30.9 active users (a global number) during the quarter who made payments worth $9.1 billion (of which about 62% was US volume). Earlier this week, Wells Fargo reported 8.3 million active online customers - about 60 percent of its consumer checking account base - of which 4.4 million were active bill payment and presentment customers.
Also of interest: if you take out the MBNA purchase (completed on January 1st 2006) BofA's growth in online banking subscribers is almost non existent.
Posted by: rogerm | October 20, 2006 at 10:55 AM