Bank Watch

Bank of America redesigns its mobile app

Bank of America on Thursday announced a redesign of its mobile app, including a new Spanish-language feature.
Bank of America on Thursday announced a redesign of its mobile app, including a new Spanish-language feature.

Bank of America on Thursday announced a redesign of its mobile app, including a new Spanish-language feature.

The Charlotte-based bank said the redesign also allows easier navigation of the app by providing a more intuitive experience. Other changes let customers redeem credit card awards through the app, as well as view their credit scores.

“We want to be where our customers are, which is why we are proud to deliver these new features that provide increased convenience to our 20 million active mobile users,” Michelle Moore, Charlotte-based head of digital banking, said in a statement.

The investment in its mobile app comes as Bank of America and other banks are seeing rising adoption of mobile banking, as customers shift away from traditional branches. This week, the bank said its number of active mobile banking users jumped 15 percent in the second quarter from the same period last year.

Banks are also feeling competitive pressures to enhance mobile banking as their peers race to improve their technologies. This week, San Francisco-based Wells Fargo launched a mobile wallet, allowing customers to tap Android phones at cash registers to make payments.

Mobile banking also allows banks to trim costs at a time when low interest rates are constraining their ability to boost profits.

On Monday, Bank of America announced plans to reduce its annual noninterest expenses to about $53 billion by the end of 2018 – from about $56.3 billion over the past 12 months.

Bank of America has said mobile transactions cost it one-tenth of what it costs to conduct the same transactions in a branch.

Deon Roberts: 704-358-5248, @DeonERoberts

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