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"In terms of existing online customer overlap, the Chase/WaMu and Wells Fargo/Wachovia or Citi/Wachovia mergers have surprisingly little," said Marc Trudeau, Senior Director of comScore Marketing Solutions. "comScore's unique ability to differentiate between types of banking customers helps us understand that 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."
Unique Active Online Customers to Selected Banks Q2 2008 Total U.S. -- Home/Work/University Locations Source: comScore Quarterly Bank Benchmarker Unique Active Unique Active Online Liquid Online Deposit Account Customers of Customers (MM)* any kind (MM)** Chase 6.0 14.0 WaMu 5.7 9.2 Chase/WaMu (net) 11.5 21.4 Wells Fargo 9.4 10.6 Wachovia 6.4 6.7 Wells Fargo/Wachovia (net) 15.8 17.0 Citi 2.3 12.3 Wachovia 6.4 6.7 Citi/Wachovia (net) 8.6 18.2 Bank of America*** 17.8 24.6 * Liquid deposit account customers are customers that accessed a checking, savings, or money market account at the financial institution during the time period. ** Active online customers of any kind include any a customer of any account type online. These include liquid deposit account, credit card, mortgage, student loan, auto loan, and personal loans. *** Bank of America online banking numbers do not take into account the potential increase in online bankers that would come from an eventual integration of Countrywide and Merrill Lynch into Bank of America's overall online banking portfolio. The analysis also revealed the following findings: -- 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. -- 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.
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