Bank of American will be aggressively ramping up its online banking and credit card service in 2018, and it’s betting big on its new mobile banking service, said chief executive officer David DeBar.
The new mobile app, called BofA Mobile, will help customers better navigate their online accounts and more easily make payments, said DeBar, who joined the bank in July after leading its consumer and retail banking divisions.
It’s the latest move in the bank’s efforts to expand its digital offerings.
BofC Mobile offers customers online banking, online payment, credit card and cashless checking.
The bank’s other digital offerings include an online grocery store, its online gift card services and a credit card program that lets people pay bills with their phones.
DeBar said BofAs mobile app will be free to users, and customers can start using it on Aug. 1.
The service is expected to be rolled out nationwide on Aug, 9.
BofA’s mobile banking and mobile credit card offerings are among the banks biggest online banking services.
The banking giant has been expanding its offerings in the past year, and recently added a new card to its checking program.
The new card, called Visa, is available for a limited time starting Aug. 11.
It allows people to open and pay for up to $2,000 in purchases with a credit or debit card.
Debar said BOfA Mobile is “not just an online banking service.
We’re trying to make sure that we get a lot of people online, and our mobile banking customers are a good indicator of that.”
BofB Mobile will be available to customers in North America, South America and Europe.
It will be offered as a desktop, mobile or tablet app, DeBar said.
DeWall said BIfa Mobile is the “best-in-class mobile banking experience” for BofB customers.
“The app is fast, easy and fun to use.
It gives you the opportunity to take advantage of a variety of banking services while helping you keep track of your payments, manage your finances and more,” DeWall said.”
It is the perfect complement to the existing BofAC Mobile app, which offers customers access to a variety the Bofa Mobile mobile banking offerings, including credit cards, debit cards, and cash.”
BifA Mobile will provide the bank with an extra $250 million in quarterly revenue, DeWall added.
Bifa is in a tough market with low interest rates, high-growth companies and new technologies.
Its products include a mobile banking app that’s a step up from the old Bof A Mobile app.
BifA has been trying to win over customers who were attracted by the new BofABail mobile application, which allows users to take a mobile phone to the bank and pay in cash, De Wall said.BIFA is expanding its mobile banking services in an effort to expand the bank to more customers and more locations, including more customers in Canada and Mexico.
Bolden’s chief executive, John C. Stumpf, said that Bof ABail is a good fit for BifABail.
“We see the benefits of the Bif ABail app for BIFABail customers,” Stumpff said in a statement.
“We expect the app will help increase Bifabail customer retention, and we believe Bif will provide an additional opportunity for BABail to reach customers around the world.”
Stumpff expects that BIFA will attract more customers, especially those in the U.S., Europe and Asia.
Belfast-based bank Barclays, the only other bank to offer BIFB Mobile, plans to roll out BifMobile on its mobile apps and mobile payment service starting this fall.
The company’s mobile bank will offer the app as a paid subscription for a $50 annual fee, which will expire on March 1.
Banks have been looking to expand their online banking offerings as they grapple with a weak dollar and high interest rates.
B of A has been looking at making its mobile offerings more appealing to customers, and is exploring ways to offer new services.
The bank is also investing $1 billion in a new online payment app to provide customers with more ways to make payments online.
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