Bank of America Adds One-Tap Investing Access to Mobile App

Home » FinTech » FinTech News » Bank of America Adds One-Tap Investing Access to Mobile App

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.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Has Bitcoin Found its New Floor?

With Bitcoin's recent stable streak rolling on, could the cryptocurrency have found its floor? That's the question CCN explores in a post that lays out a compelling argument as to why the coin is unlikely to fall below $6,000 — at least not for very long. This comes as Bitcoin...

Gas Prices Fall Slightly as Potentially Volatile Autumn Looms

This week the national average gas price  fell slightly — but that doesn't tell the story of what's shaping up to an interesting time for the oil market. First, according to GasBuddy data, the average gas price now sits at $2.88 a gallon, down 2.6 cents from last week. Meanwhile...

OnDeck Spinoff Company to Create FinTech Lending Solutions for Banks

This week FinTech lender OnDeck announced that it was spinning off a new company that will bring online small business lending solutions to banks. Known as ODX, the software as a service (or "SaaS") operation will partner with institutions in order to offer their customers small business loans. This includes allowing the...