Mobile users continue to grow at a steady clip at two of the nation’s largest banks.
Both JPMorgan Chase and Wells Fargo saw about 5% quarter-over-quarter growth in active mobile users for the first quarter of 2014. Chase’s active mobile users hit 16.4 million, up from 15.6 million last quarter. Chase saw a similar rate of growth last quarter, when it counted 15.6 million users up from 14.9 in 3Q2013.
Wells Fargo estimates that 40% of its customer base uses mobile regularly and described mobile as its fastest growing channel. For JPMorgan Chase, the number is closer to 35%, according to FDIC data, though some counts have put that number as high as 67%.
Wells Fargo now counts 12.5 active mobile users, versus 11.9 million users last quarter. Wells Fargo’s 5% growth rate bests the 3.5% it managed last quarter. Mobile users at the bank grew approximately 7% in the third quarter of 2013.
The table below charts the recent history of the banks’ growth in mobile users. Numbers are in millions.
1Q2014 |
4Q2013 |
3Q2013 |
2Q2013 |
1Q2013 |
|
---|---|---|---|---|---|
JPM
|
16.4 | 15.6 | 14.9 | 14.0 | 13.2 |
Wells
|
12.5 | 11.9 | 11.5 | 10.7 | 10.1 |
The two banks continue to see remarkably similar growth rates in active mobile users, just as they have in the past. Both banks saw approximately 24% year-over-year growth.
“Active mobile users” generally means users that have accessed their accounts via mobile within the last 30 days, though some institutions use the looser standard of the last 90 days.
JPMorgan Chase’s total net revenue fell 8.5% year over year to $23 billion, short of the $24.5 billion the bank had estimated. Wells Fargo’s total net revenue fell to $20.6 billion from $21.3 billion a year ago.