Mobile Payments Gets Another Boost From Bank of America

December 17, 2018         By: Steven Anderson

Bank of America is closing out its year on a high note, as it tipped us off recently about a slate of new additions hitting not only its own app, but also its Zelle app. The new additions will bring new features along for the ride, and offer a new level of convenience for the end users.

The iPad app took a hefty shot of modification, which now makes it much more similar to the iPhone version, only larger. Customers now have access to several features iPhone users are already familiar with and enjoy, especially in regard to money management.

More specifically, the app now comes with the Digital Mortgage Experience, a prequalification system that’s been in place and routinely updated since last April. Homebuyers can actually set up a prequalification for a mortgage and get a letter confirming that prequalification, sent to them digitally.

Zelle’s update, meanwhile,  brought in new settings management options, and the ability to both view and verify the number of the user that money is being sent to. This will hopefully reduce or even eliminate false-positive sending, which had been something of a problem on Zelle for some time.

More general updates include enhancements to the BankAmeriDeals system, which allows for more easy rewards-gathering via the Coins experience. Coins has been shifted to the main account page for more ready access. The My Rewards system got a facelift, showing benefits across multiple platforms. Finally, there’s a new integration with US Trust which allows for account details accessible from the Bank of America app itself.

That’s a lot of changes, and though they seem mainly minor, they’re likely to represent at least incremental improvement over current options. That’s the kind of thing that should make users happy, and keep said users in the fold. With so many competing platforms out there—literally every other bank with a mobile payments presence and an Early Warning connection, for starters—Bank of America needs an edge, and this kind of thing might well be that edge.

Thankfully, Bank of America will also have inertia on its side, and by keeping its app up to date, it greatly reduces the chances of anyone jumping ship, and opens up the chance of drawing new users in besides.