People Tend to Stick With What They Know, and Bank of America Is Banking on It.

28. September 2017.

The seemingly simple and straightforward idea of allowing the consumer to customize what is fast becoming for many their most frequent touchpoint with their FI, the mobile app, is a reality. While likely not the first and certainly not the last, Bank of America’s investment is enabling consumers to shape their own regular experience.

The newest mobile enhancements include a mobile dashboard which is accessible from the home screen. The dashboard feature allows customers to customise tiles to the features they use most, including account balances, card rewards, spending and budgeting tool, FICO Scores, mobile alerts, and Zelle person-to-person (P2P) payments. This one-screen view is designed to help give customers a quick snapshot of their finances in one place.

Mercator Advisory Group anticipates the modularity the latest iteration of BoA’s banking app will be replicated by more peers and banking service providers as mobile devices consolidate their hold on the “final-mile”. We anticipate the enablement of customization of the dashboard will also serve as a stepping stone for consumers to elect for use of fintech with their bank accounts, and use the bank mobile app to generate a consolidated view, creating a long-term familiarity.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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