Thread regarding Wells Fargo & Co. layoffs

Is "mobile active users count" a KPI anywhere.

from https://twitter.com/jevgenijs Feb 1 posting:

U.S. megabanks, mobile active users*, Q4 2023:
✔️ JPMorgan $JPM - 54 million
✔️ Bank of America $BAC - 38 million
✔️ Wells Fargo $WFC - 30 million
✔️ Citi $C - 18 million
Even if one assumes no overlap, that's only 140 million mobile active users in total
*active within the last 90 days

I was surprised that JPM had more active phone accounts than Wells. I don't think you can blame this on the "asset cap"... Can you?

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2 replies (most recent on top)

you can only have as many mobile users as you have customers.

JPM has way more customers than WF.

a card-only customer that uses the mobile app counts, not just "banking" customers

It's a KPI for the big banks to show adoption of mobile banking to help in justify branch closures which are a very large overhead expense.

Thread regarding Wells Fargo & Co. layoffs

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