Bank Of America Unifies Banking, Investing & Retirement Services In Single App

Bank of America has introduced a significant update to its mobile banking app, merging banking, investing and retirement functionalities into one unified platform. In a press release on Thursday, 21 March, the bank announced the consolidation of five separate apps - Bank of America, Merrill Edge, My Merrill, Bank of America Private Bank and Benefits OnLine - into a single digital platform.

Nikki Katz, Head of Digital at Bank of America, emphasised the bank's commitment to innovation and improving digital capabilities for its clients. Katz stated, "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."

The updated app features a streamlined Accounts Overview, offering clients a personalised financial snapshot that includes banking, investing and retirement account summaries. It also integrates various digital tools, such as Bank of America's Life Plan and Net Worth Estimator Tool offerings, into one accessible location.

Moreover, the app introduces a "payment and transfer hub," enabling users to manage bill payments, account transfers, bill splitting with friends and receiving both domestic and international wire transfers.

Starting this month, clients can utilise the app to send domestic and international wire transfers in over 140 currencies to 200 countries.

The launch of this updated app follows a year in which Bank of America recorded a record-breaking 23.4 billion digital interactions with its clients, representing an 11% increase from the previous year. These interactions encompassed activities such as logging into accounts and receiving proactive digital alerts.

Nikki Katz highlighted the significance of these digital interactions, emphasizing how personalized real-time alerts and proactive insights simplify financial management for clients, enabling them to better balance life's demands and cherish meaningful moments.