Bank of America has launched a massive update to its mobile app that integrates banking, investing, and retiring on one unified online platform.
The mentioned virtual platform combines what used to be divided into several separate products, including Bank of America, Merrill Edge, My Merrill, Bank of America Private Bank, and Benefits OnLine. The relevant information is contained in the press release of the financial institution, which was published on Thursday, March 21.
Nikki Katz, head of the digital technology unit at Bank of America, said the lender’s mission is to continuously innovate. Also in this context, she separately noted the focus of the financial institution on the development of digital capabilities to provide customers with best-in-class solutions. Nikki Katz says that by combining five apps into one, the bank puts clients at the center of the experience. According to her, in this case, consumers are given access to the entire corporate infrastructure of a financial institution and next-generation technologies.
The press release notes that the new app provides a streamlined overview of accounts. In this case, customers are given access to one personalized financial picture, including information about their banking, investing, and retirement accounts.
The new app also integrates several digital tools, including the Bank of America Life Plan and Net Worth Estimator offerings. The press release separately notes that the mentioned digital product creates a kind of payment and transfer hub. In this case, customers can pay bills, transfer money between accounts, split bills with friends, receive payments, and domestic and international wire transfers.
Moreover, lender’s clients can use the app to send domestic and international wire transfers in over 140 currencies to 200 countries.
Last year, the customers of the financial institution carried out 23.4 billion digital interactions with the bank, which is a record figure and 11% higher than the result of 2022. This means that customers logged into their accounts 12.8 billion times and received 10.6 billion proactive digital alerts.
As we have reported earlier, Bank of America and Starbucks Roll Out Rewards Program.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
