Bank of America Likely to Retain Top Online Ranking
Bank of America (NYSE:BAC) will likely continue to have the largest number of online customers across both liquid deposit account customers as well as online customers of any kind, even though the bank mergers will result in a large percentage of new additive customers, according to comScore.
“In terms of existing online customer overlap, the Chase/WaMu and Wells Fargo/Wachovia or Citi/Wachovia mergers have surprisingly little,” comScore said. From a liquid deposit account customer standpoint, the confirmed and proposed mergers are essentially additive in nature with more than 98 percent of customers being incremental. Looking at all types of accounts, which includes credit cards, mortgages, and liquid deposit accounts, there’s somewhat more customer duplication with an 8 percent overlap for Chase/WaMu, 4 percent for Citi/Wachovia and 1 percent for Wells Fargo/Wachovia. ”
Bank of America would continue to lead online banks with 24.6 million unique customers, 17.8 million of which are liquid deposit account online customers.
As a result of the Chase/WaMu merger, Chase stands to add 7.4 million new online customers with 5.5 million of these customers representing online liquid deposit account holders. In terms of online customers of any kind, Wells Fargo stands to gain 6.4 million new online customers if it merges with Wachovia. Citi would gain 5.9 million new online customers from a deal with Wachovia.
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