Bank of the West Breaks New Ground in Mobile Banking with Quick Balance, the
Fastest and Easiest Way to Check Account Balances
Responding to Customer Demand, Bank of the West Launches New Mobile App
SAN FRANCISCO, April 3, 2013
SAN FRANCISCO, April 3, 2013 /PRNewswire/ --Bank of the West today announced
the launch of its new, free mobile banking app, featuring Quick Balance – the
fastest and easiest way to check account balances and the first of its kind
for a North American bank. The opt-in feature, available to Bank of the West
online customers, allows users to check their balance with just the slide of a
finger, without logging into their account. Beyond Quick Balance, the launch
includes new apps for iPhone®, Android® and iPad®, all of which now support
bill payment and mobile deposit.
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With the new app, customers can:
oUse Quick Balance to get balances in seconds
oDeposit checks by taking a picture
oPay bills in seconds
oMonitor account activity
oTransfer funds between their Bank of the West accounts
oFind the nearest ATM or branch
"Our own customer feedback indicated that more than eighty percent want to
check their balances quickly and easily from their device whenever, wherever
they are," said Jamie Armistead, Senior Vice President of Multi-Channel
Banking at Bank of the West. "Since our soft launch last month, usage and
feedback has been overwhelmingly positive. We've doubled our active mobile
banking users and had a three-fold increase in log-ins per day. Consumers
vote with their apps, and the new Bank of the West mobile app is clearly a
winner," he said.
For those who have opted-in to Quick Balance, Bank of the West research
reveals that three of four customers are using it at least once per day.
"Whether they are multi-tasking moms, on-the-go college students or wealthy
business owners, one thing is for certain – our mobile banking customers want
to have their finger on the pulse of their accounts," continued Armistead.
Well respected industry research supports Bank of the West's own data and
customer feedback. According to findings released last week by the Federal
Reserve Board and its 2012 Survey of Consumers' Use of Mobile Financial
Services, "checking account balances and transaction inquiries" was the most
frequent mobile banking activity cited by respondents; in fact, nearly nine in
ten (87 percent) of mobile banking users surveyed said they had performed this
function within the past twelve months.
In commenting on the Quick Balance feature, Daniel Lattimore, CFA and Senior
Vice President of Celent, a research and consulting firm focused on the
application of information technology in the global financial services
industry, said, "In making one of the most common mobile banking tasks as
simple as possible, you nailed it."
Bank of the West's mobile banking platform gives its customers yet another
convenient way to manage their finances, dovetailing with a network of nearly
700 ATMs and more than 650 branches, where friendly, tech-savvy staff is
available for help and guidance. Several of the bank's newest branches also
include Quick Response (QR) bars and tablet access.
"I couldn't be more proud of how customers have responded to our new mobile
platform," said Maura Markus, President and Chief Operating Officer of Bank of
the West. She added, "And while we've broken new ground with Quick Balance,
it's truly just the start; we're laser focused on finding new ways to delight
our customers and better meet their needs by providing great digital
experiences with a best-in-class branch experience."
Beyond providing secure access via the industry's standard encryption
technology, Bank of the West is reinforcing its commitment to safeguarding
customer information by taking additional privacy and security measures.
Among its policies, the Bank never stores account numbers, account balances,
check images or other confidential data on devices.
According to global advisory firm AlixPartners and its recently released Q4
2012 Mobile Financial Services Tracking Study:
o44% of smartphone/tablet owners who switched primary banks in the past
year said that mobile banking was important or extremely important in
their decision to switch banks
oThe ability to check balances with a mobile device is the single most
important mobile banking feature influencing the switching decision,
selected as a key mobile feature by 37% of consumers who switched banks
for mobile banking
oSmartphone/tablet owners who adopt mobile banking are more affluent, and
have a stronger relationship with their primary bank (e.g., higher number
of products and share of wallet), than non-mobile banking adopters.
"Bank of the West's Quick Balance application is a great example of a mobile
innovation that focuses on addressing a specific consumer need – quickly and
efficiently getting balance information," said Bob Hedges, Managing Director
at AlixPartners. "Quick Balance also demonstrates how new mobile innovations
can be aimed at specific consumer needs and seek to deliver real competitive
advantage in the marketplace," he continued.
The new app is available for download on iTunes and Google Play.
About Bank of the West
Founded in 1874, $63 billion-asset Bank of the West (www.bankofthewest.com),
member FDIC and equal housing lender, offers a wide range of personal,
commercial, wealth management and international banking services. The bank
operates more than 700 retail and commercial banking locations in 19 Western
and Midwestern states. Bank of the West is a subsidiary of BNP Paribas, which
has a presence in 80 countries with nearly 200,000 employees.
SOURCE Bank of the West
Contact: Debra Jack, Bank of the West Corporate Communications,
+1-415-399-7202, email@example.com; Jon Diaz, +1-415-694-6708,
firstname.lastname@example.org, or Morgan O'Leary, +1-415-694-6707,
email@example.com, both of Racepoint Group for Bank of the West
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