Bank of America (NYSE:BAC)
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3 Months : From Oct 2019 to Jan 2020
Modern Look Offers a More Seamless Experience; Erica Enhancements Provide Clients Greater Control of Their Finances
Bank of America today announced the launch of its newly designed, award-winning mobile banking app that will provide a more seamless and streamlined experience for its approximately 29 million mobile clients. The sleek, modern design makes it even easier to navigate all of Bank of America’s robust mobile banking features. The latest version of the app also includes enhancements to Erica®, the bank’s AI-driven virtual financial assistant, designed to help clients better manage their finances.
“The new look and feel of our mobile app reflects Bank of America’s focus on delivering solutions for clients that are timely, relevant and accessible, however they choose to bank,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “This enhanced mobile experience makes it even easier and more convenient for clients to bank with us, and empowers them with information and insights to make better financial decisions.”
While developing the new app experience, client engagement was key. “The app redesign was informed by feedback from our clients who will start to see visual changes and a new unified design as part of an overall evolution of our digital banking experience,” said Rachel Kobetz, head of experience design at Bank of America. “These updates give our app a modern interface and provide more personalization based on the client’s relationship with us.”
Bank of America has also announced new features to its mobile app including an enhanced shopping experience and several updates for debit and credit card holders. The shopping experience demonstrates the bank’s high-tech, high-touch strategy by further connecting digital and physical channels, allowing clients to begin an application process for a new product or service, such as a credit card or home or auto loan in a financial center and complete it at a later time within the mobile app.
Updates for card holders who use the mobile app include:
Erica® credit card debt reduction insight – Erica will soon provide qualifying clients an interactive view of potential savings they could realize by accelerating the paydown of their Bank of America credit card balances. Currently available to all Bank of America employees, this new feature will begin rolling out to clients next year.
Erica card security updates – Clients can ask Erica for more details on potential unauthorized card charges and for help with initiating a dispute. Erica can also provide information on why a card transaction was declined and, in many cases, provide assistance to remedy the issue without clients having to call.
These updates coincide with other major digital milestones for Bank of America:
More than 9 million clients have engaged with Erica to stay on top of their finances, resulting in approximately 75 million interactions to date.
More than 1 million clients have requested the bank’s digital card for debit since its launch in June 2019. Available to eligible clients who need a new or replacement debit card, this offering has the same protections and benefits of a physical debit card and is immediately available to use in the mobile app.
More than 2 million clients now use the mobile banking app in Spanish, benefiting from key features such as making appointments, transferring money with Zelle® and paying bills, all in their preferred language.
Bank of America’s full suite of solutions are enhanced by Preferred Rewards, a first-of-its kind loyalty program that recognizes the value of a client’s entire relationship with the bank. Approximately 6 million members have enrolled in the program, which recently marked five years of rewarding members with perks and benefits.
To learn more about Bank of America’s digital offerings and Preferred Rewards program or download multimedia, visit bankofamerica.com.
About Bank of America Digital Banking
Bank of America’s digital banking platform is an evolving source of increased client engagement and satisfaction serving 38 million digital clients, including approximately 29 million active mobile users. Its award-winning mobile app and online banking were the first to receive J.D. Power’s certification for “An Outstanding Customer Experience.” During the third quarter of 2019, digital clients logged into their accounts 2 billion times and used digital to make 138 million bill payments and book 613,000 appointments.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Bank of America, N.A. Member FDIC © 2019 Bank of America Corporation.
Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191024005343/en/
Reporters May Contact:
Betty Riess, Bank of America, 415.913.4416
Andy Aldridge, Bank of America, 980.387.0514