Bank of America Is Going (More) Mobile

Mobile banking is gaining in popularity, and banks are beginning to take notice. One of these forward-looking institutions is Bank of America (NYSE: BAC  ) , and it has just taken a great stride toward maintaining its leading position in this arena.

Hot on the heels of an announcement that B of A would be closing more ATMs nationwide came the good news: The bank would soon be rolling out updated mobile banking apps for Apple's (Nasdaq: AAPL  ) iPad and iPhone, as well as for Google's Android-based tablets and smartphones. This update contains an extra special feature -- the ability for users to deposit checks into their bank accounts simply by using their device's camera to snap a photo of the front and back of the check.

No slouch when it comes to mobile banking
Bank of America is not the first bank to offer this service. Wells Fargo (NYSE: WFC  ) introduced the option for certain customers this spring, and plans to extend it to all customers by year's end. Citigroup (NYSE: C  ) announced their mobile deposit app's new feature earlier this year, while JPMorgan Chase (NYSE: JPM  ) rolled out their service over a year ago.

While it seems as if B of A is holding up the rear when it comes to this new technology, it is worth noting that their apps can also be used on tablets, not just smartphones. Both Citi and Bank of America have been ahead of the curve when it comes to tablet banking, but it looks like only B of A allows remote check deposit on tablets, though I wouldn't be surprised if Citi added this feature in the near future.

Fool's take
Now that B of A's new apps are available, it will likely take some of the sting out of the ATM and bank branch closures, steps that the bank is taking to save costs. In addition, the fact that its app updates include tablets will make the service available to a wider customer base, such as the underbanked.

Although it may look as if it's late to the mobile check deposit game, Bank of America is definitely the frontrunner in the mobile banking space. The bank was one of the pioneers in this area, and it has over 10 million mobile customers -- more than any of its rivals, and 3 million more than a year ago. It is also the undisputed leader in tablet banking, with apps for Apple, Amazon's Kindle, and Android-based devices.

Despite its myriad problems, it seems certain that Bank of America will continue to keep its focus on the future of banking -- while picking up more and more customers along the way.

If you want to find out more about the risks and opportunities Bank of America now faces and will confront in the next few months, I invite you to take an in-depth look at key areas of special interest to investors by accessing our premium report featuring this ambitious titan of the banking industry. Did I mention that it comes with a full year of updates? Click here to check it out.

Fool contributor Amanda Alix owns no shares in the companies mentioned above.

The Motley Fool owns shares of Citigroup, Apple, Bank of America, Amazon.com, Google, and JPMorgan Chase. Motley Fool newsletter services have recommended buying shares of Apple, Google, Wells Fargo, and Amazon.com. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. Motley Fool newsletter services formerly recommended JPMorgan Chase. The Motley Fool has a disclosure policy.

We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 1979855, ~/Articles/ArticleHandler.aspx, 10/25/2014 3:11:50 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Apple's next smart device (warning, it may shock you

Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. But the secret is out. In fact, ABI Research predicts 485 million of this type of device will be sold per year. But one small company makes Apple's gadget possible. And its stock price has nearly unlimited room to run for early-in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!


Advertisement