Mobile Applications

BoA Debuts In-App Auto Financing Via Mobile App

Bank of America announced Tuesday (May 30)that it bas launched new capabilities for mobile clients to complete the auto financing process with the company.

In a press release, the bank said clients can now search for a car from participating dealerships – on their mobile device or computer before ever visiting a dealership. The program will begin with a pilot period in the Carolinas and expand across the country in a phased rollout that will continue throughout the year, Bank of America said.  “These new capabilities deliver on our ongoing promise to provide our clients an enhanced and transparent experience derived from our leadership in mobile banking technology,” said D. Steve Boland, head of consumer lending in the press release.  “Our convenient auto shopping experience allows clients to search for cars at local dealerships and get their Bank of America financing completed in one place and on their own time, whether on the go or in the comfort of their home.”

With the digital tool, car buyers can locate their preferred vehicle, look up the closest participating dealerships and find an available vehicle in their price range. The user can then move directly to applying for a Bank of America loan through the tool, typically receiving a decision within seconds. Once approved, the user receives an official approval letter via email. After that, shoppers can go to the dealer, take a test drive and finalize the sale and financing transaction with the dealer.

“We’ve achieved the seamless experience our clients have told us they want,” Boland says. “When people go to the dealership, they want to focus on the car purchase and not the financing.” Unlike other car shopping tools Bank of America said with its digital tool users’ information isn’t sent to the local dealers at the time they make an inquiry. What’s more, the tool is open to any car buyer, not just ones with an account with the bank.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Click to comment