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
CHARLOTTE, N.C.–(BUSINESS WIRE)–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:
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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.
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My Balance™
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.
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BankAmeriDeals® enhancements
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.
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Contacts
Reporters May Contact:
Betty Riess, Bank of America, 1.415.913.4416
betty.riess@bankofamerica.com
