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Monday April 1, 12:52 pm Eastern Time
Press Release
SOURCE: Bank of America Corporation
New Jupiter Report Ranks Effective Online Banking; Bank of America Tops List as Statistics Show Growing Consumer Interest
CHARLOTTE, N.C., April 1 /PRNewswire/ -- A first-of-its-kind study of effective online banking ranks Bank of America No. 1, an important distinction as statistics show a trend of more consumers and small businesses using electronic banking.
The Jupiter CORE (Composite Online Rating of Effectiveness) Index placed Bank of America at the top among 23 banks it studied. The report is the first based entirely on online consumer behavior and performance. It is made up of individual scores relating to unique visitors, usage intensity (time), usage frequency (number of visits per month), customer loyalty and transition (the ability to migrate offline customers online).
The report found that Bank of America attracts the most unique visitors by a wide margin -- more than Wells Fargo, Citigroup, Chase and Bank One. Bank of America has more than 3 million active online users.
``We're hearing more from customers about what they want and we're building online banking to their tastes,'' said John Rosenfeld, executive for Consumer and Small Business e-Commerce at Bank of America. ``Our ranking in the Jupiter report proves that we're delivering what customers want.''
Other statistics show that more consumers and small businesses are turning to online banking:
* Jupiter said that the number of consumers who paid a bill online grew
from 16% of respondents in 2000 to 28% in 2001. Jupiter expects the
increase to continue, predicting that the number of households using
online bill payment and presentment will more than double this year from
3.6 million to 7.8 million.
* The number of people using Bank of America electronic bill-paying
increased 121% last year. In addition, from December 2000 to December
2001, the number of active subscribers increased 63%, from nearly 1.8
million to more than 2.9 million.
Some Bank of America increases can be credited to enhancements:
* The capability to get electronic copies of bills for Bank of America
mortgage and credit card accounts, as well as from more than 130 other
companies such as utilities, department stores and other credit card
companies
* The ability to transfer money electronically from checking, savings and
line of credit accounts to make payments on Bank of America installment
loans, mortgages or lines of credit
* More streamlined navigation, including simplifying the Bill Pay site to
three main tabs, rather than six
One of the world's leading financial services companies, Bank of America (NYSE: BAC - news) is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 38 international offices serving clients in 190 countries, and an Internet Web site that provides online access for more than 3 million active online customers, more than any other bank.
Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.
SOURCE: Bank of America Corporation
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