Millions Turned to Online Banking in 2003
Thursday December 18, 10:00 am ET
Bank of America becomes first to cross 7 million subscriber milestone; Started the year with 4.7 million
CHARLOTTE, N.C., Dec. 18 /PRNewswire/ -- In another indication of how online banking grew in 2003, Bank of America announced today that it has become the first financial services company with 7 million subscribers to its free online banking service, up from 4.7 million at the beginning of the year.
The number of customers paying their bills online increased dramatically during the year as well. Bank of America now has 3 million bill payers, compared to 1.8 million at the beginning of 2003 - the most in the industry.
Sanjay Gupta, e-Commerce executive at Bank of America, said there are several reasons for the rapid growth: customers are becoming more comfortable handling their finances online, they're telling others how easy it is, and they're using enhancements that allow them to do more online. For example:
* Electronic statements Customers can stop getting checking account statements through the mail and see 12 months of statements online instead.
* Online check images Customers can see electronic images of the front and back of checks for free, 24 hours a day.
* A Bill Pay hub page Customers can see the functions they use most on one page: scheduling payments, reviewing payments and viewing electronic versions of paper bills.
* Bill payments are protected from fraud under the bank's zero liability guarantee.
* Electronic bills Customers can get electronic copies of bills from more than 275 billers, including utility companies, credit card companies and others.
* Same-day transactions Customers can see details of pending transactions on the same day they were made.
"During the year, we've seen how customers who don't consider themselves very 'tech-savvy' have become comfortable with online banking," Gupta said. "We expect that trend to continue, as customers find that they can do more of their banking online, 24 hours a day. And as they tell us what they want, we deliver."
Even without logging in to accounts, customers and non-customers can get other information at bankofamerica.com , including mortgage tools and deposit applications, as well as many product details in Spanish.
Bank of America has won praise from the industry for its online banking and bill payment. For the second year in a row, Global Finance magazine recognized Bank of America as having the best consumer Internet bank site in the world. Jupiter Research ranked Bank of America No. 1 in its CORE rankings and Vividence ranked bankofamerica.com No. 1 in experience for customers and prospective customers.
Bank of America provides online bill payment services through CheckFree Corporation (Nasdaq: CKFR - News). CheckFree provides electronic commerce services and products. . .
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