Although the high costs of developing a fully integrated mobile app were significant, they did not stop other large banks with financial resources from creating mobile apps. At the time of the smartphone boom, many banks and financial institutions had mobile apps or some form of online mobile banking, as a result there was and still remains a threat of new entrants into the mobile market. Since BofA was one of the first to develop a mobile app, it was able to differentiate itself from other banks. While they were not the only bank on the financial market, they had other large competitors such as Citibank, who could offer their services via SMS, web browsers and apps. Many industry competitors also had more than one app for each of the other business industries or markets; solve the app complexity problem or