Bank of America says it has rolled out various enhancements to its mobile banking app that will let its wealth management customers access and manage all of their accounts with the company.
The app is available to all of the bank’s clients who have a Merrill Lynch investing or retirement relationship or a BofA Private Bank relationship, according to a press release from the bank.
Users of BofA’s mobile banking app who have those relationships will now be able to use it to view all their accounts, including checking, savings, retirement and investment accounts, from within the app, the bank says. BofA’s artificial intelligence-powered virtual financial assistant, Erica, will now be able to connect Merrill Lynch clients to a human advisor, as well as to give information on investment balances, account holdings, portfolio performance, trading and securities quotes, according to the press release.
Merrill Lynch clients will be able to access and place trades in their accounts directly from the banking app, according to BofA, the wirehouse’s parent company. In addition, they’ll still be able to access their accounts on the MyMerrill mobile app and use it for “more sophisticated tasks,” such as e-signatures, document scanning and secure communications with their advisors, according to the press release.
On the mobile banking app, meanwhile, BofA customers can perform a variety of banking tasks, such as bill pay and fund transfers, including via peer-to-peer payment platform Zelle; manage spending, budgeting and planning; access their mortgage information; and tap small-business services, the bank says.
Users of the app will also be able to get a consolidated view of their various rewards and offers and also do “shopping,” according to the press release.
Mobile and digital banking has grown substantially for BofA since the company began offering mobile banking more than a decade ago, the bank says. Mobile check deposits accounted for 37% of all its deposits in the second quarter of 2020, BofA says. Around 55% of consumer mortgages and 81% of direct auto applications are done digitally at BofA, according to the press release. In all, the company has 39 million digital banking users, of which 30 million are active mobile users, the bank says.
Do you have a news tip you’d like to share with FA-IQ? Email us at firstname.lastname@example.org.