Bank of America launches cross-bank feature for app
Bank of America will let clients move across the Bank of America, Merrill Lynch, Merrill Edge and US Trust mobile apps without having to re-authenticate.
Available in November, this is part of a series of updates to the app from Bank of America and investing apps offered by Merrill Lynch and Merrill Edge, to provide “new, interactive ways” and let users “invest on the go”.
“We’re pleased to offer our nearly 26 million mobile users a new suite of innovative features,” says Michelle Moore, head of digital banking at Bank of America.
Bank of America says that many clients prefer all-encompassing, full-service wealth management. In fact, a majority of those with more than $1 million in assets want their banking and investment services accessible in one place.
“Our research continues to underscore the growing importance of mobile technologies and financial planning across generations,” explains Aron Levine, head of Merrill Edge. “This is especially true for today’s millennials, as three-quarters believe that all financial decisions will be made with the help of technology in their lifetime, and approximately two in three are already turning to finance apps for guidance.”
Other new features on the Bank of America app include personalised cash flow, new biometric authentication features, shopping cart, enhancements by Zelle in P2P transactions, the bank’s Digital Mortgage Experience update, more ways to manage alerts, a redesign of statements and documents, and a rewards feature.
Also coming soon to the app is an improved mobile Bill Pay experience, which will begin rolling out to clients later this month.
This plans to offer additional features that were previously available via online banking, including the ability to add and maintain automatic payments, search history, and pay multiple bills at once.
