Bank of America announced a series of improvements to mobile and online banking to better meet customers’ changing needs and make it easier for users to manage their finances digitally.
The new updates include the introduction of fingerprint and Touch ID sign-in, in addition to the launch of an Apple Watch mobile banking app, streamlined “Accounts Overview” page and new Security Center for more than 31 million active digital banking customers.
The new fingerprint and Touch ID sign-in capabilities provide eligible Android, iPhone and iPad customers with a secure and convenient way to log into the mobile banking app using their fingerprint. This feature allows access to the most common functionality of the app without the additional need for a passcode. As part of the bank’s ongoing commitment to staying ahead of advancements in mobile device authentication, the technology supporting fingerprint sign-in was built according to FIDO (Fast Identity Online) standards.
The mobile banking app is now compatible with Apple Watch, allowing users to view account balances and recent transactions for their linked checking, savings, credit card and investment accounts, as well as receive real-time alerts and notifications on their wrist. The functionality requires enrollment with Bank of America’s mobile banking app and is compatible with iPhone 5 devices or later, operating on iOS 8.2.
The mobile banking app home page and online banking “Accounts Overview” page have been redesigned to give users a more personalized, seamless experience. Mobile banking app users will benefit from new quick link tiles, providing faster access to popular features, including mobile check deposit, appointment scheduling and new account opening. The update also includes the addition of the What’s New section, further educating customers on the functionalities available to them.
For online banking customers, the home page redesign makes it easier to review account information at a glance, including a personalized greeting and new Quick View function that displays the last five transactions and a link to the most recent statement. A newly created Activity Center provides users easy access to popular features, including the ability to view and pay eBills, transfer money between accounts and review special offers and deals without leaving the page.
The launch of a new Security Center offers mobile and online banking customers more tools to securely manage their finances, including additional options for signing into and monitoring activity on their accounts. Customers can now manage their digital banking security settings in one place, and can opt into an extra security feature at sign-in that helps verify the customer’s identity with a one-time authorization code sent via text or email each time they sign in.
The Bank by Appointment feature has been updated to allow mobile and online banking customers to schedule same-day financial center appointments with specialists for everyday banking, investment, retirement, home loan and small business needs. For mobile users, the enhancement also includes a streamlined customer experience and an Add to Calendar option, which populates the appointment to the personal calendar on the device. Bank of America customers currently schedule more than 15,000 appointments per week via this feature.
For mobile banking customers, the existing Speak with a Specialist feature is enhanced to present customers with a list of topics to choose from, including bill pay inquiries, fee-related questions and report suspicious activity. This new functionality will provide users more streamlined and quicker access to the proper associate to address their needs and can be accessed from several mobile banking pages. This feature is currently enabled for Preferred customers, and will be rolled out more broadly over the next month.
Bank of America’s mobile banking platform remains a key source of increased customer engagement and satisfaction with more than 18 million active users, growing at a rate of approximately 5,000 users per day. During the second quarter of 2015, mobile banking customers logged into their accounts more than 620 million times, or almost 35 times per user. During that same period, customers made nearly 900,000 mobile bill payments and money transfers each day. Customers also used their mobile devices to deposit more than 215,000 checks via mobile check deposit every day, and logged in 32,000 times to schedule appointments with a personal banker or financial center specialist.
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