Bank of America today announced new features to the billpay functionality of its mobile app, including allowing users to search payment history from up to two years ago.
In an email this morning to its customers prompting them to download the mobile app (which the bank does on a regular basis), BofA also revealed a set of new features to its “Bill Pay”capability on the mobile app such as allowing users to pay multiple bills at the same time, set up recurring payments and sign up for e-bills. “These features have been available on online banking and we’ve now improved the bill pay experience via mobile with these features,” a Bank of America spokeswoman told Bank Innovation.
See the video released here.
Of particular interest is being able to search payment history from up to 24 months. Customers are likely to find this search capability specifically useful. Prior to this option, one could only view the payments made on a digital statement that appears on the homepage of BofA’s mobile app, and to pinpoint a specific transaction from six months ago would mean endlessly scrolling through one’s payment history.
This year, Bank of America put a great deal of focus on functionality for its mobile app. The bank launched its virtual assistant Erica in March this year, the first of its kind for a major bank in the U.S. So far, Erica has 3.6 million users and has assisted more than 12 million client requests to date. Of these Erica users, nearly 43% interact with it via text, 32% via tap and 25% with voice recognition.
During 2018, BofA has added multiple features and enhancements to Erica and the mobile app, including Spend Path, a weekly snapshot of month-to-date spending; FICO Score Tracker, which tracks month-to-month changes to FICO scores; Subscription Monitor, which flags upcoming recurring charges; and credit card bill reminders, an alert of upcoming BofA credit card payments that are due.
There are have also been new digital features on the Merrill Lynch side of things. A few months ago, the bank announced a mobile feature that lets Merrill Lynch clients move seamlessly between Bank of America, Merrill Lynch, Merrill Edge (its roboadvisor, also launched this year), and U.S. Trust mobile apps without having to re-authenticate.
In all of the earning calls and industry events, the bank’s various executives have constantly reiterated the importance of digital and mobile banking for the bank’s growth. In fact, based on the recent earnings call, 23% of the bank’s sales come from digital channels, with 52% of that number coming from the online channel and 48% from mobile.
To keep that momentum going, the bank spends an average investment of $75 million per quarter to this cause. And the effort seems to be paying off: in 3Q, BofA experienced an impressive 10% YOY increase in its mobile growth to 25.9 million mobile users and 36.2 million digital users overall. When it comes to digital payments, BofA saw a 139% jump in its Zelle users, with over 42.5 million users.






