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BofA adds budgeting tool to app

13 December 2016  |  6468 views  |  0 Woman sitting in mall texting

Bank of America is adding a spending and budgeting tool to its mobile and online platforms, helping customers to track and control their money.

Rolling out to the bank's 21 million mobile customers in January, the tool provides a dynamic income and spending comparison and outlines trends up to the past 13 months. Users can then set budgets themselves or ask BofA to automatically create one based on past behaviour.

Michelle Moore, head, digital banking, BofA, says: "We recognize that for each individual, gaining control over their financial lives and making finances simpler and easier to manage means something different, and we are committed to providing customers the tailored solutions they want to make their financial lives better."

Meanwhile, the bank is updating its app with a feature that lets customers check their balances without signing in. The Deals Near Me service is also being revamped and app users will soon be able to read and download e-statements.

The latest upgrades come just weeks after BofA boss Brian Moynihan bemoaned the ROI from digital banking initiatives, saying it would take at least ten years before the bank started seeing a meaningful return from its investment in mobile technology.

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