BoA Overhauls Wealth Apps

Tom Burroughes

9 October 2018

Clients of Bank of America’s different wealth businesses no longer need to separately prove that they are genuine customers when using apps.

The group said it has introduced a new feature that will allow clients to switch easily between the Bank of America, Merrill Lynch, Merrill Edge and US Trust mobile apps without having to re-authenticate.

Clients are frustrated by having to log in separately on different apps, BoA said, citing research last year showing that most high net worth clients want banking and investment services available in one place. Among those famously tech-savvy Millennials, 70 per cent prefer this an option .

The rise of apps and channels such as “chat” is changing how clients use private banking and wealth services. With wealth managers putting more online and mobile features in front of clients, there is a need to balance convenience against security from hackers, however. A study of almost 60 apps issued last year by the Switzerland-based firm MyPrivatebanking Research showed that three-quarters of the 34 wealth firms tracked provide apps for wealthy clients, but many do not keep up with customer needs. Worryingly, almost a third of firms lag in providing top-notch security features, which is particularly concerning amid almost daily reports of hacking attacks.

BoA is upbeat about how its enhancements make the apps more convenient.

“This latest update will allow our wealth management clients who use mobile apps instant, one-touch access to both banking and investment services,” Andy Sieg, head of Merrill Lynch Wealth Management, said.

The new app-linking feature will be available at Bank of America, Merrill Lynch, and Merrill Edge today and at US Trust in November.

Among other features are personalized cash-flow analysis; biometric authentication such as fingerprint and facial recognition; a “shopping cart” experience on the app, and person-to-person transactions that eliminate cash payments. Apps also connect users with lenders and give clients more tools to manage alerts about their money.