CareCredit - Women's Health April 2024

Bank of America Consolidates Banking, Investing, Retiring Into One App

Bank of America, mobile banking, mobile app, digital banking

Bank of America has launched a “massive update” to its mobile banking app, combining banking, investing and retiring into one unified app. 

This new, unified digital platform consolidates into one mobile app what had been five different apps: Bank of America, Merrill Edge, My Merrill, Bank of America Private Bank and Benefits OnLine, the bank said in a Thursday (March 21) press release

“Our mission is to continuously innovate and evolve our digital capabilities to provide best-in-class solutions for all our clients,” Nikki Katz, head of digital at Bank of America, said in the release. “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 new app features a streamlined Accounts Overview that provides clients with one personalized financial picture, including a summary of their banking, investing and retirement accounts, according to the release. 

The app also brings several digital tools together in one place, including Bank of America’s Life Plan and Net Worth Estimator Tool offerings, the release said. 

It also creates a “payment and transfer hub” that allows users to pay bills, transfer money between accounts, split bills with friends, receive payments and receive both domestic and international wire transfers, per the release. 

In addition, beginning this month, clients can use the app to send both domestic and international wire transfers in more than 140 currencies to 200 countries, the release said.

The launch of this newly updated app comes after a year in which Bank of America clients had 23.4 billion digital interactions with the bank — a record number and an 11% increase over the previous year.

Those digital interactions included clients logging in to their accounts 12.8 billion times and receiving 10.6 billion proactive digital alerts during the year.

“Our clients unlocked convenience 23 billion times last year through digital interactions,” Katz said when announcing those figures in February. “Individualized real-time alerts and proactive insights, along with our digital platform overall, help simplify the day-to-day management of finances. This allows our clients to more easily balance life and enjoy the moments that matter.”