Bank of America still out front

Despite a spate of US bank mergers, Bank of America (BoA) remains in the lead in terms of online customer numbers reveals a study by specialist internet research firm comScore The study was prompted by the acquisition of failed banks Washington Mutual (WaMu) and Wachovia by Chase and Wells Fargo, respectively For its study, comScore divided online banking clients into two groups based on the number of active customer in the second quarter of 2008:

Despite a spate of US bank mergers, Bank of
America (BoA) remains in the lead in terms of online customer
numbers reveals a study by specialist internet research firm
comScore. The study was prompted by the acquisition of failed banks
Washington Mutual (WaMu) and Wachovia by Chase and Wells Fargo,
respectively.
Internet banking: online customers

For its study, comScore divided online
banking clients into two groups based on the number of active
customer in the second quarter of 2008:

• Liquid deposit account customers who accessed
a current, savings or money market account at the bank; and

• All online customers including liquid deposit
account, credit card, mortgage, student loan, vehicle loan and
personal loan customers.

ComScore noted that there is little overlap of
customers between the respective banks and that the acquisitions
are in large measure additive to their online banking
operations.

In terms of liquid deposit customers more than
98 percent of customers are incremental for Chase and Wells Fargo.
In terms of all online customers there is an 8 percent duplication
between Chase and WaMu and 1 percent duplication between Wells
Fargo and Wachovia.