BofA merges mobile apps for banking, investing, and retirement

New unified app receives 2024 Celent Model Bank award for customer-centered innovation
PRNewswireMarch 22, 20247 min

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.

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange.

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