Bank of America Addresses Millionaires Wishes With Mobile Enhancement - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Bank of America

Bank of America Addresses Millionaires Wishes With Mobile Enhancement

October 7, 2018

Merrill Lynch Wealth ManagementBank of America has enhanced its mobile experience with a new feature which allows clients to move seamlessly between the Bank of America, Merrill Lynch, Merrill Edge, and U.S. Trust mobile apps without having to re-authenticate. The feature will be available in November.

Part of a broader approach designed to make it easier for clients to manage their banking and investing activities in one place, the enhancement addresses findings that the majority of clients with more than $1 million in assets want their banking and investment services accessible in one place. Some 70 percent of millennials in this category share this preference.

Michelle Moore, head of digital banking at Bank of America
Michelle Moore, head of digital banking at Bank of America

Michelle Moore, head of digital banking at Bank of America, said:
“We’re pleased to offer our nearly 26 million mobile users a new suite of innovative features. As we expand our mobile banking app to give clients the digital solutions they need, we remain committed to investing in cutting-edge technology that will help them better pursue their financial goals on their terms.”

Andy Sieg, head of Merrill Lynch Wealth Management, commented:
“This latest update will allow our wealth management clients who use mobile apps instant, one-touch access to both banking and investment services. It provides a state-of-the-art mobile platform that allows clients to view their banking and financial assets and activities in one place and to manage the full range of day-to-day transactions with ease.”

Aron Levine, head of Merrill Edge, added:

Merrill Edge“Our research continues to underscore the growing importance of mobile technologies and financial planning across generations. This is especially true for today’s millennials, as three-quarters believe that all financial decisions will be made with the help of technology in their lifetime, and approximately two in three are already turning to finance apps for guidance.”

Other features include personalized cash flow for Bank of America clients, as well as Merrill Lynch or Merrill Edge clients with Bank of America relationships; new biometric authentication features; shopping cart experience, Zelle enhancements; Digital Mortgage Experience update; alert management; statements and documents redesign; and rewards.

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