New Mobile Spending and Budgeting Tools From Bank of America Help Consumers Stay on Track
Financial Wellness Tool and ‘My Balance’ Functionality Provide Consumers More Convenience and Control
Bank of America today unveiled a series of updates to its award-winning mobile platform, including a financial wellness tool, to further personalize the customer experience.
“These newest offerings are all about connecting to the unique needs and personal goals of the more than 21 million mobile users we serve,” said Michelle Moore, head of Digital Banking at Bank of America. “We recognize that for each individual, gaining control over their financial lives and making finances simpler and easier to manage means something different, and we are committed to providing customers the tailored solutions they want to make their financial lives better.”
The latest mobile enhancements include:
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.
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.
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.
With more than 21 million active mobile users and growing, Bank of America’s mobile banking platform is an evolving source of increased customer engagement and satisfaction. 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.
To learn more about these new updates or download screen images, visit bankofamerica.com.
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 47 million consumer and small business relationships with approximately 4,600 retail financial centers, approximately 16,000 ATMs, and award-winning online banking with approximately 34 million active accounts and more than 21 million mobile active 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 in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Betty Riess, Bank of America, 1.415.913.4416