Bank of America unveiled a series of updates to its mobile platform, including a financial wellness tool. These newest offerings are all about connecting to the unique needs and personal goals of the more than 21 million BofA mobile users.
• Spending and budgeting tool
• A new, seamless money management and financial education tool provides Bank of America customers a streamlined resource to quickly track where they are spending their money, while encouraging them to take control of their finances through the integration with Better Money Habits®. Available for online and mobile banking, the feature provides a dynamic income and spending comparison, outlines spending trends up to the past 13 months, and allows users to easily set budgets by offering the option for one to be automatically created based on past behavior or allowing the user to build it themselves. The spending and budgeting tool will be rolled out to online and mobile banking customers through January 2017.
• My Balance
• Customers can now opt in to check balances without signing in using the new My Balance feature. Once enrolled in this feature, offered on both Android™ and iPhone® devices, customers can personalize which accounts to show balances for on their mobile banking home page and can easily change their selections or turn it on and off.
• BankAmeriDeals® enhancements
• Bank of America customers will now be able to use the new Deals Near Me feature to easily find nearby BankAmeriDeals, which provide up to 15 percent cash back when customers make purchases at selected retailers with their Bank of America debit and credit cards. A redesigned “All Deals” page shows customers all of their available deals.
Additional mobile enhancements provide customers the ability to view and download eStatements, manage paperless settings and immediately access check images after making mobile check deposits. The upgraded features allow users to save, print or email eStatements and check images for their records.
During the third quarter of 2016, mobile banking customers logged into their accounts more than 950 million times, or approximately 46 times per user. During that same period, customers made more than 8 million P2P transfers and 25 million mobile bill payments, a growth of 51 percent and 30 percent, respectively, over 2015. Customers also used their mobile devices to deposit more than 280,000 checks daily, receive nearly 280 million text and push alerts, and access their free FICO scores 3.5 million times. More customers are opening new accounts through mobile, with sales increasing by 34 percent over the past year.