Bank of America announces mobile app update
Business Insider Intelligence
The upgrades, which improve the functions of existing features, can enhance the user experience and allow BofA to increase its engagement.
- BofA is streamlining Zelle transfers for senders and recipients. BofA is allowing users to more easily manage their transfer settings for receiving money through Zelle, the bank-based peer-to-peer (P2P) payment service, and enabling them to view and verify a phone number they are sending to. These added features can help prevent users from sending money to the wrong recipient, and it can help prevent fraud, which some Zelle customers experienced at various banks earlier this year. BofA sees substantial volume through Zelle —the service reached 42.5 million P2P payments in Q3 2018, more than double its volume from Q3 2017, and surpassed 100 million this year. Therefore, investing in improving the user experience is worthwhile as Zelle can attract users to the BofA app and ultimately increase volume.
- And the bank is giving customers more opportunities to earn cash back and access discounts through BankAmeriDeals and MyRewards. BankAmeriDeals, a platform that offers cardholders discounts at retailers and restaurants in the form of cash back, will now allow users to earn more rewards through Coins, which are collected when they redeem available BankAmeriDeals. Clients have earned more than $165 million through BankAmeriDeals, and this update can reengage customers beyond redeeming rewards and give them a reason to continue interacting with the app. Another update allows clients can see their total rewards benefits across Preferred Rewards, credit cards, and BankAmeriDeals on the mobile homepage. BofA launched MyRewards in October, allowing app users to see their earned rewards from multiple BofA programs in one place. A consolidated dashboard where users can access their rewards can encourage repeat usage as it could make it easier for users to keep track of and redeem their rewards.
These enhancements follow the firm’s year-long effort to build out its mobile banking platform. BofA has been aggressively investing in various features and services to ramp up its digital banking: It’s been rapidly building out Erica, its in-app virtual voice assistant, which has already surpassed 3 million users shortly after launching in May, and it launched a feature allowing users to switch between the BofA mobile app and the mobile apps for its investment units Merill Lynch, Merill Edge, and US Trust without having to reauthenticate.
And those launches have been paying off for BofA: The firm saw healthy engagement in Q3 2018, with mobile channel usage increasing 17% annually to reach 1.4 billion interactions. Continuing to build out its app with relevant, in-demand features and streamlining its app’s performance in existing features can allow the firm to drive more interactions and overall engagement.