Merrill Lynch bolsters mobile app features as number of mobile users grows

Maria Nikolova

The list of new features includes a spending and budgeting tool, as well as the ability to view transactional activity for Bank of America deposit and card accounts.

The growing use of mobile apps for banking is barely surprising to anyone and, hence, it is not a random occurrence to see financial services providers upgrading their mobile solutions. Merrill Lynch has just announced the introduction of new mobile app features that aim to make it easier for clients to manage their finances.

Starting this week, Merrill Lynch clients will be able to use their Merrill Lynch mobile app to scan and send paper documents to their financial advisors. The new scanning feature uses the device’s camera to capture images of each page and converts them into a single PDF file.

The list of new features includes a spending and budgeting tool; the ability to view transactional activity for Bank of America deposit and card accounts; real-time money transfers with Zelle®; FICO score visibility; as well as access to seven years’ worth of statements and documents.

The number of active users of Merrill Lynch’s mobile platform has grown by 20% over the last year. “Our clients are on the move, and they take their financial lives with them,” explained Andy Sieg, head of Merrill Lynch Wealth Management.

The overall navigation and design of MyMerrill app has been streamlined making it easier to get information and services that support one’s investment and banking activities while enabling secure interactions with one’s advisor team. Once logged into the MyMerrill mobile app, the client will see real-time account information, in one portfolio view, including account balances from Merrill Lynch, Bank of America and any external accounts that the client has added.

As the users tap on each account, they will see: additional holding; balance; activity; and asset allocation details.

One can also learn more about what the app offers through the highlighted features section. Select “Research” to access Merrill Lynch expert research and insights as well as market and industry news. Tap on the Quote icon, for detailed security information. As an added benefit, the app offers contextual help located on the top of every page. It offers information specific to the page a user is viewing.

Merrill Lynch underlines the importance of providing its clients with access to innovative tools and resources that help make their financial lives easier.

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