Bank of America Adds One-Tap Investing Access to Mobile App
In a 21st century upgrade that Senator Glass and Congressman Steagall would sure shake their heads at, Bank of America has unveiled new features that make it easier for banking customers to access their investments via a streamlined app experience. Now, instead of needing to log into the Merrill Lynch app when switching over from the BofA application, users will simply need to make a single tap to be transported to trades. As CNBC reports, the bank is hoping these new features will make it easier for customers to manage their money across multiple sectors.
Speaking to some of the changes that Bank of America was making to their mobile app, Merill Lynch wealth management head Andy Sieg said, “This latest update will allow our wealth management clients who use mobile apps instant, one-touch access to both banking and investment services. He added that these upgraded features would allow users to “view their banking and financial assets and activities in one place and to manage the full range of day-to-day transactions with extraordinary ease.” This upgrade also includes a new dashboard featuring a cash flow analysis tool and a host of products ranging from bank accounts and credit cards to brokerage accounts.
Incidentally Bank of America’s lean into investing comes just a couple of months after rival JP Morgan Chase also announced an investment-centric initiative. However, while Chase is rolling out fee-free stock trades to their account holders (up to 100 for their first year), BofA hasn’t hinted at any similar promotions aimed at attracting younger investors that might otherwise gravitate to apps like Robinhood. That said, the bank does seem to be following another FinTech trend which is to offer “one-stop shops” for financial needs and other services. This is something that’s also been a focus for Google Wallet as well as for several startups.
Currently it seems that Bank of America’s latest app upgrades will definitely be a hit among current account holders (especially those with both BofA and Merrill Lynch accounts), although it’s hard to say whether the changes will be enough to attract newbies. That said it’s always encouraging to see even the biggest of banks focusing on ways to improve user experience — perhaps even taking a page or two from FinTech startups that have made a niche doing the same. Hopefully this is a route that companies of all sizes continue to follow, making managing your money a little bit easier for everyone.