The other day I received some interesting news. The scoop is that TowerGroup has just released a new report analyzing the Bank of America mobile banking solution. As a reminder BofA is utilizing a browser-based solution and completed the rollout on August 24th of this year.
Interesting note, if you divide the 500,000 mobile banking users by their roughly 20 million online clients we know that their penetration rate is roughly 2.5% of their online banking customer base.
PS - Please do not misunderstand, I'm not advocating that online banking clients should be the sole target market, and I'm certain that this is not the BofA strategic plan. I'm simply trying to frame their rate of adoption based upon existing data.
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