Baml accelerates mobile banking investment

Bank of America Merrill Lynch has announced it is accelerating its investment in mobile capabilities and introducing enhancements to improve the CashPro Mobile user experience

By Rebekah Tunstead | 26 September 2018

Simpler navigation, enhanced user face, and ability to send feedback directly through the app are some of the latest improvements to the CashPro Mobile user experience being offered by the Bank of America Merrill Lynch (Baml).

“The statistics behind mobile adoption are compelling. We understand that clients like the convenience and portability that mobile access offers, and we’re pleased to bring to market more features that will make their lives easier – allowing them to transact business anywhere and anytime they choose,” said Julie Harris, head of global banking mobile strategy, Global Transaction Services (GTS), Baml, on announcing the updates.

The bank has said the number of users accessing CashPro Mobile has jumped more than 180%.

“We look forward to receiving increased feedback from clients, which users can now send while in the app, that will advance our design-thinking approach to CashPro Mobile’s evolution,” said Tom Durkin, head of global digital channels in GTS at Baml.

According to research conducted at the beginning of September by fintech provider Fraedom, banking apps are set to have the biggest impact on commercial banking within the next five years.

The firm polled 1,000 decision-makers in commercial banks, including senior managers, middle managers, and shareholders.

The study revealed banking apps are predicted to become one of the most disruptive technologies. Only cryptocurrencies (56%) and virtual assistants (48%) are expected to be greater disruptors.

On announcing the results of the survey, Kyle Ferguson, CEO of Fraedom, said: “The research highlights that the commercial banking world is beginning to shift towards a more consumer focused approach. Business executives are increasingly wanting a real-time view for their payments, just like in their personal lives.

“This trend is also mirrored by commercial banks who are planning to invest in the key technology areas to make consumerization possible.”

The study revealed that data analytics (55%) and enhanced mobility (41%) are two of the most likely areas of a commercial bank to receive investment within the next five years. This is reflected in Baml’s intentions to introduce electronic signing and document exchange, to CashPro Mobile in the future.

The research also uncovered that almost half (45%) of financial services organisations believe that increased regulation will drive the adoption of new technologies.

“Regulations have transformed the commercial banking sector over the past few years, and while this appears to be restrictive approach, this research proves that banks are seeing regulation as an opportunity to adopt new technologies and improve customer engagement,” said Ferguson.

However, security remains a primary concern. According to the 2017 Thales Data Threat Report, Financial Edition, which surveys the sector on a global basis, 49% of financial services providers had suffered a data breach, with 21% being breached more than once, by the end of 2016.

Earlier this year, Baml added biometrics and an embedded token to CashPro Mobile. This, the bank says, allows users to quickly and securely access the application and complete payment approvals.

“We continually provide educational tools and enhanced solutions to help protect our clients from fraud,” a Baml spokesperson told bobsguide.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development