Bank of America has premiered a redesigned mobile app experience, including improvements to their virtual assistant, Erica. Soon, cardholders will see even more new features that help them manage their money.
On Oct. 24, 2019, Bank of America launched a full redesign to its mobile app – integrating new features and a modern design. As part of the update, Bank of America customers can begin an application process for credit cards, loans and more in a branch location – and complete that process later in the mobile app. In addition, Erica – the bank’s virtual assistant technology – has gotten new functionality.
“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,” said David Tyrie, head of advanced solutions and digital banking at Bank of America in a press release.
The new update certainly provides an improved mobile experience, but Bank of America is going beyond a new design to add features that help customers manage their money. As part of Erica’s revamp, users can ask for information about unauthorized card charges, declined transactions and more to get an intimate view of what’s happening in their credit and banking accounts.
Soon, Erica will do even more for Bank of America customers. Beginning next year, the bank is launching Erica credit card debt reduction insight, which lets cardholders visualize how much they can save based on estimated credit card payments.
Catching up to a new mobile-first focus
The new Bank of America app is full of great new features that are easy to access, and they propel the bank forward in the heated competition between rewards credit cards.
When the Apple Card launched earlier this year, features like a dynamic interest calculator were lauded for their consumer-first design. The card’s complete integration into iPhone was another perk, making it easier than ever for cardholders to quickly visualize all their transaction and account information.
See related: Guide to the new Apple Card
With the newest additions to the Bank of America app, it seems the issuer is eager to compete with user-friendly app designs popping up all around the market. As more card applications embrace a fully-mobile experience, Bank of America is joining the charge by allowing consumers to finish applications on their mobile app. This even applies to loan applications, which are typically completed entirely in-branch.
Plus, tools like the upcoming debt reduction insight will be able to compete with Apple Card’s interest calculator. Apple Card was praised for being a credit card that actually assists debt repayment – but it seems soon that feature will be less uncommon.