Bank of America unveils new mobile banking app with loan applications built in

Written by Ruby Hinchliffe
29th October 2019

Bank of America has released its new and upgraded mobile banking app with AI-powered virtual financial assistant Erica to help its 29 million mobile clients better manage their finances.

The new app will “empower [customers] with information and insights to make better financial decisions”, says the bank

The facelift means customers can submit applications for a credit cards, auto loans and home loans through the app, as well as giving them access to credit card debt reduction insights, which will be available from next year, and them the platform to begin a dispute over potential fraudulent activity on their cards.

“The new look and feel of our mobile app reflects Bank of America’s focus on delivering solutions for clients that are timely, relevant and accessible, however they choose to bank,” says the bank’s head of advanced solutions and digital banking David Tyrie.

Not only is the new app designed to offer a more flexible experience, but Tyrie also says it aims to “empower [customers] with information and insights to make better financial decisions”.

During the app development phase, the bank says it engaged customers in the process. “The app redesign was informed by feedback from our clients who will start to see visual changes and a new unified design as part of an overall evolution of our digital banking experience,” says the bank’s head of experience design Rachel Kobetz, who feels the updates give the app a more “modern interface” which is far more personalised.

More than nine million Bank of America customers have engaged with Erica to manage their finances since it was integrated into the app.