Presenting a ‘Five Times’ Better Banking Service through One Clear-cut Channel

Bank of America has officially announced the launch of an update for its mobile app, an update which is meant to reinvent the way clients interact with their finances. Enabling a grand total of 57 million digital clients to view and manage their full financial lives through its unified digital interface, this new application is actually a by-product that came after consolidating five different apps, including Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank and Benefits OnLine. Owing to that, it is now one of the first solutions to pack banking, investing, and retirement services all within one simplified mobile experience. Talk about the whole value proposition on a slightly deeper level, it brings to the fore a significantly expanded line-up of digital tools. These tools include facilities like Life Plan® and the Net Worth Estimator™ Tool, each one malleable enough to accommodate individual client’s financial needs. Next up, we must get into app’s payment transfer capabilities. Leveraging one exclusive hub in the app, the stated capabilities make it possible for users to pay bills, transfer money between accounts, split the dinner bill with friends, receive customer payments, as well as receive domestic and international wire transfers. More on the payment aspect would reveal how users can seamlessly send domestic and international wire transfers to more than 200 countries, and they can markedly do so in 140 unique currencies. At launch, the new Bank of America app will be available in English and Spanish language.

“Just as banks race to market with unified consumer and business banking apps, Bank of America raises the bar even higher,” said Bob Meara, Principal Analyst at Celent, a global research and advisory firm for the financial services industry. “This customer-centered initiative may be conceptually simple, but it represents a huge win-win for Bank of America and its millions of clients.”

Making this whole development even more important is the fact that Bank of America’s mobile banking app has already been recognized in the past for its user-friendly design and experience. In fact, not long ago, the platform was bestowed with the 2024 Celent Model Bank award for Customer-Centered Innovation. Another detail worth a mention is how the update in question comes on the back of record digital engagement. To put things into context, last year, Bank of America clients digitally connected with their finances a record 23.4 billion times, which translated to an encouraging 11% year-over-year growth. Not just that, if we talk about the institution’s digital channels, over 19 million clients are also actively engaging with Erica, the most advanced and first widely available virtual financial assistant.

Of course, even outside the digital realm, the Bank of America has managed to make some serious progress in the context of improving the financial landscape. This is a big reason why it presently serves more than 69 million clients across its estimated 3,800 retail financial centers, and 15,000 ATMs. The institution also provides specialized support to approximately 4 million small business households through a suite of innovative and easy-to-use online products.

“Our mission is to continuously innovate and evolve our digital capabilities to provide best-in-class solutions for all of our clients,” said Nikki Katz, Head of Digital at Bank of America. “By combining five apps into one, we’re putting clients at the center of the experience, with our full enterprise and next-gen technology at their fingertips.”