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Bank of America Redesigns App for iPad

Tatjana KulkarnibyTatjana Kulkarni
December 14, 2018
in Banking, Payments
Reading Time: 3 mins read
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Bank of America has redesigned its mobile app for the iPad. The new tablet design now mirrors the look and functionality of the BofA iPhone mobile banking app.

Tablets find themselves in a unique position somewhere between desktop and mobile, and even though banking-via-tablets does not have the number of users that its smartphone counterparts has, the device shows a lot untapped potential for banks. In fact, Bank Innovation previously reported that money movements through iPads are 250% higher in value than mobile or desktop users, with an average deposit of $950. And BofA’s announcement may be indicative that more customers are using their iPads for banking.

“With 26 million mobile clients and growing, a smooth experience across all devices and channels is always our top priority,” David Tyrie, head of advanced solutions and digital banking at Bank of America, said in a statement on Wednesday. “Our clients would like the power to operate how and where they choose to, and we continue to drive our capabilities based on what they want.”

Also See: Bank of America Updates Billpay Feature on Mobile App

Of course, in addition to this feature, BofA decided to release a few more updates to its mobile app, just in time for the holidays, aka spending season.

One such feature update is to BankAmeriDeals. This feature has been updated so that the bank’s Coins Experience is now on the homepage, reminding customers of deals. The Coins Experience is a cashback rewards program in which users collect “coins” with each purchase at a partnered retailer and then can earn cash back, up to 15% on certain deals.

The bank has also updated its digital mortgage feature, allowing users to complete a digital prequalification request and receive a prequalification letter completely from start to finish on a digital channel. BofA launched its digital mortgage platform earlier in April. Check out how it works here.

The importance of digitalizing the mortgage experience has been a collective realization for banks this year. Aside from BofA, SunTrust, Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup  have adapted digital mortgage platforms over the last two years.

Bank Innovation has also learned that in November, Erica, the bank’s AI-driven virtual financial assistant, crossed has over 4 million users, and has received over 15 million requests.

And the bank’s P2P service Zelle has surpassed 100 million. During its most recent quarterly earnings report, BofA revealed that it experienced a 139% increase in its Zelle users for the third quarter that ended September 31, with over 42.5 million users.

On Monday this week, BofA also revealed additional features to the Bill Pay functionality on the mobile app. These new features include allowing users to search payment history from up to two years ago, paying multiple bills simultaneously, and setting up auto payments.

In terms of mobile and digital users, BofA has consistently ranked second over the past many years. JPMorgan Chase has been in first place throughout. Currently, BofA has 25.9 million mobile users and 36.2 million digital users overall. In comparison, JPMorgan Chase has 48.7 million active digital customers and 32.6 million active mobile users.

Tags: AppleBank of AmericaEricaExclusiveiPadJPMorgan ChasePremiumZelle
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