Bank of America's iPhone app. Click for source.
Amidst the woes of the financial industry, Bank of America is finding success in its new mobile banking applications for smartphones. According to an article by Rita Chang at AdAge.com, the company’s application is the most popular financial app downloaded by iPhone users. Between 8-10% of BofA’s mobile customers are new to the bank and after about a year since its introduction, mobile banking app use is on the rise among older and higher income customers.
Mobile banking is nothing new. Five years ago, I used an old Nokia to check my balance and transfer money from one account to another on occasion. So what’s changed? For starters, mobile banking takes advantage of modern mobile network speeds, allowing users to access banking services at a truley on-the-go pace, rather than invest 10+ minutes in the slow and intimate process of watching a screen load.
In addition, the iPhone and other smartphone apps are more graphically sophisticated. My old Nokia could only display basic text along with the bank’s logo. Continue reading
