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Wachovia Passes 3 Million Online Banking Customers

Here’s the latest online metrics from Wachovia according to today’s presentation at BAI’s Retail Delivery Conference by Lawrence Baxter, the bank’s Chief E-commerce Officer:

Overall bank size:

  • Serves 14 million households and businesses
  • $289 billion in deposits
  • 4th largest U.S. bank
  • 3rd largest U.S. brokerage
  • 3,900 financial centers and brokerage offices
  • 95,000 employees

Online metrics (calculations in italics are ours):

  • 3.2 million active online customers (23% of its 14 million customer/biz households)
  • 1.3 million online brokerage enrollments
  • 230,000 active online small business customers
  • 11,000 corporate clients online
  • 32,000 Wealth Management households online
  • Annual bill payment volume of $25 billion and 66 million payments ($380 average payment)
  • Over $66 billion annually in online funds transfers ($20,000 per active customer)
  • 50 million online check images viewed annually (16 per customer)
  • Over 45 million electronic alerts sent annually (1.2 per customer per month)

Analysis
Only major surprise is the small number of alerts per customer, just over 1 per month. The average bill payment amount, $380 per payment, and annual volume of funds transfers, $20,000 per customer are high, and probably include business volume.

JB