BoA Creates One App to Rule Them All

Thu, 21 March 2024  |  banking brokerage retirement technology 

Bank of America has launched a massive update to its mobile app, reimagining how clients interact with their finances. As digital engagement continues to soar, 57 million digital clients can now view and manage their full financial lives through a new, unified digital platform that consolidates five apps – Bank of America, Merrill Edge, MyMerrill, Bank of America Private Bank and Benefits OnLine – into one personalized experience.

"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."

The Bank of America mobile app is one of the first in the industry to combine banking, investing and retirement within one simplified mobile experience. Additional features of the reimagined app include:

• One personalized financial picture. A streamlined Accounts Overview experience provides clients with a summary of their accounts across banking, investing, and retirement.
• Full suite of digital tools in a single app. A consolidated platform home to Bank of America's suite of digital solutions, including Life Plan® and the Net Worth Estimator™ Tool, tailored to each client's financial needs.
• Payments and Transfer hub. One location in the app for clients to pay bills, transfer money between accounts, split the dinner bill with friends, receive customer payments and receive domestic and international wire transfers.
• Even more ways to send money. Starting this month, clients are able to send domestic and international wire transfers in more than 140 currencies to 200 countries, all from the Bank of America mobile app, available in English and Spanish.

Bank of America's mobile banking app has long been recognized for its user-friendly design and experience. This week, the company's new unified mobile app experience was recognized with the 2024 Celent Model Bank award for Customer-Centered Innovation.

"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, 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."

These mobile app enhancements come amidst record digital engagement. Last year, Bank of America clients digitally connected with their finances a record 23.4 billion times, 11% increase year-over-year.  Within its digital channels, more than 19 million clients are also actively engaging with Erica – the most advanced and first widely available virtual financial assistant – to make managing their finances even easier.