FinTech News
Bank of America Introduces Digital Debit Card Option For Customers
Bank of America is introducing a new feature that will make it easier for customers to access their debit cards from their mobile phone. Now, using the Bank of America app, customers will be able to request a digital version of a new or replacement debit card. These cards can then be used immediately via Apple Pay, Google Pay, or other mobile wallets. In addition to being accepted at several retailers, customers will also be able to use their digital debit cards to get cash or make deposits at select Bank of America ATMs that support cardless transactions.
Commenting on the new feature, Bank of America’s head of advanced solutions and digital banking David Tyrie said in a statement, “Our goal is to bring never-before-possible convenience to clients. With our new digital debit card, clients can transact immediately and avoid waiting for their permanent card. This feature is one of several new digital offerings that reinforce our commitment to making clients’ financial lives easier.”
The ability to activate a digital debit card isn’t the only new feature Bank of America is rolling out. Soon the application will also allow travelers to order foreign currency and either pick it up at a selected bank location or have the currency delivered to their home. Similarly small business customers will be able to request bills and change and track their order in the app.
Notably B of A’s digital card introduction comes just ahead of the release of Apple Card, which will also boast an “instant use” ability when the credit card launches sometime this summer. Additionally the move is the latest example of institutions bolstering their mobile banking offerings to lure customers. To that point, Bank of America touts a recent Javelin Strategy & Research that awarded the bank’s app top honors in five categories: Ease of Use, Security Empowerment, Financial Fitness, Customer Service, and Account Opening. Previously (in 2017), a BI Intelligence report ranked Bank of America’s app third overall behind Wells Fargo and USAA.
As mobile banking and contactless payments continue to gain popularity, it comes as no surprise that big banks will attempt to not only keep up with FinTech firms but even beat them at their own game. Although this latest addition by Bank of America isn’t earth-shattering or unheard of, it does show that the institution is focusing on their mobile experience and addressing the way consumers bank in this modern landscape. Will this latest move help boost the bank and perhaps mobile wallet adoption in the process? We’ll see.
