Bank of America (BofA) has rolled out an update to its mobile apps by combining apps for banking, investing, and retirement into a single consolidated app.
The new update unifies the five apps, namely Bank of America, MyMerrill, Bank of America Private Bank, Merrill Edge, and Benefits OnLine into a single personalised experience.
Bank of America’s new move will enable 57 million digital clients to view and manage their full financial lives through a new unified digital platform.
According to the American investment bank and financial services firm, its mobile app is one of the industry’s first to merge banking, investing, and retirement within one simplified mobile experience.
The merged app has additional features including a simplified accounts overview experience to offer clients a summary of their accounts across banking, investing, and retirement.
It will also include Bank of America’s suite of digital solutions, including Life Plan and the Net Worth Estimator Tool.
Besides, the new app will enable customers to transfer money between accounts, pay bills, split bills with friends, receive customer payments and receive domestic and international wire transfers.
Furthermore, it will allow clients to send domestic and international wire transfers in over 140 currencies to 200 countries, starting this month.
Bank of America digital head Nikki Katz said: “Our mission is to continuously innovate and evolve our digital capabilities to provide best-in-class solutions for all of our clients.
“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.”
In November 2023, Bank of America introduced new digital tools and resources to assist customers in navigating their car shopping and financing endeavours.