US-based investment bank and financial services firm Bank of America (BofA) has combined its mobile apps for banking, investing, and retirement, into a single consolidated app.
The new unified app merges the five apps, Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank and Benefits OnLine apps into a single personalised experience.
The bank said that the substantial update to its mobile app will allow 57 million digital clients can now view and manage their finances, changing the way they interact with their finances.
According to Bank of America, its mobile app is one of the industry’s first to combine banking, investing and retirement within one simplified mobile app.
Bank of America digital head Nikki Katz said: “Our mission is to continuously innovate and evolve our digital capabilities to provide best-in-class solutions for all of our clients.
“By combining five apps into one, we’re putting clients at the centre of the experience, with our full enterprise and next-gen technology at their fingertips.”
The unified app comes with additional features, including a simplified Accounts Overview that provides clients with a summary of their accounts across banking, investing, and retirement.
It serves as a consolidated platform for Bank of America’s suite of digital solutions, including Life Plan and the Net Worth Estimator Tool, customised to each client’s financial needs.
The app allows clients to pay bills, transfer money between accounts, split the dinner bill with friends, receive customer payments, and receive domestic and international wire transfers.
BofA said that clients can send domestic and international wire transfers in more than 140 currencies to 200 countries from its mobile app, starting this month.
Celent principal analyst Bob Meara said: “Just as banks race to market with unified consumer and business banking apps, Bank of America raises the bar even higher.
“This customer-centred initiative may be conceptually simple, but it represents a huge win-win for Bank of America and its millions of clients.”
