Only a short while ago Bank of America was furiously building branches at every possible corner, and now there is news that the bank is going to make cuts on about 10% of its 6,100 branches. So what’s sparking this curtail of branches?

The present era of iPhones and BlackBerries is taking mobile banking to a whole new level. And why not? With online banking services fast-growing in demand, mobile banking can’t be far off. The advent of smart phones has only served to facilitate its incorporation into the fast-paced lifestyles of the Generation Y banking consumers.

The facts and figures, as technology research firm ABI Research reports, are all pointing to this inevitable trend: