Bank of America Knows What You're Doing in Bed

NEW YORK (TheStreet) -- Bank of America (BAC) knows not only how clients use its mobile app but that 71% of of them take their smartphones to bed and are more likely to reach for the device than their significant other when they wake up.

Those usage patterns, detailed in Bank of America's "Trends in Consumer Mobility Report" this week, all affect the Charlotte, North Carolina-based company's rapidly growing mobile business, which has over 17 million active users and is adding 5,000 new ones daily.

"We are increasingly focused on providing solutions to meet the expectations of our customers, allowing them to do more with their phones and bank with us when, where and how they want," said Michelle Moore, head of digital banking. 

Bank of America's findings mirror developments at rivals JPMorgan Chase (JPM) and Wells Fargo (WFC). While mobile bank apps were once primarily used to check balances on the go, they are increasingly being used to make payments and deposit checks.

Still, old-fashioned branch business has its place: Bank of America found that 83% of its respondents visited a branch in the past six months. During a conference in May, Wells Fargo CEO John Stumpf said 75% of his bank's clients had used a branch in the same period.

The pattern holds nationwide, with branch visits still dominating consumer preferences, followed closely by online banking, according to a Federal Reserve survey in March. While mobile banking lags far behind, with most apps not offering the range of services available on the Web, usage has been increasing sharply.

Source: Federal Reserve

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