More Mobile Payments-Related Updates Emerge for Bank of America

October 9, 2018         By: Steven Anderson

We’ve heard plenty out of Bank of America lately, and it’s done a whopping lot to augment its mobile presence over the last few months. Now, it’s loosed word our way that it’s once again augmented its mobile app. With the new changes in place, it actually becomes easier to switch from one app to another without having to do exit the Bank of America app.

With the newest changes, the reports note, users will be able to go from the Bank of America app to the Merrill Lynch app, the Merrill Edge app, and the US Trust app all without having to log-in fresh. This means that users will be able to move from their banking functions to their investment functions a lot more rapidly and conveniently.

Such a move fits in nicely with expressed preferences; 70 percent of millennials with over $1 million in assets want banking and investment services in one place. Now, thanks to the new features, they get their wish, and anyone else who shares it gets in also.

Bank of America’s head of digital banking Michelle Moore noted “We’re pleased to offer our nearly 26 million mobile users a new suite of innovative features. As we expand our mobile banking app to give clients the digital solutions they need, we remain committed to investing in cutting-edge technology that will help them better pursue their financial goals on their terms.”

Frankly, Bank of America not rolling out a program like this probably would have been a worse idea than anything connected to rolling it out. With customers so clearly interested in such developments, why wouldn’t Bank of America bring out a program that filled customers’ desires? It’s just good business. As long as the new changes work well and don’t represent a security risk–which it does, sort of, as getting the authentication details to one app would open up all of them–then it doesn’t make things any worse. The security part could be a problem, but it’s entirely possible that Bank of America has some major security we just haven’t heard about.

It’s an excellent plan, and chances are, this will work well for Bank of America and its customers. It will be interesting to see what Bank of America can come out with next.