Saving is trendy. Consequently, it’s becoming increasingly hard to keep track of all the budgeting and money management startups out there. And FIs are catching on to the trend as well.
Bank of America unveiled a money management and financial education tool for mobile and online banking users this morning. The feature provides an “income and spending comparison, outlines spending trends up to the past 13 months, and allows users to easily set budgets by offering the option for one to be automatically created based on past behavior or allowing the user to build it themselves,” according to a company statement. The tool will also integrate Better Money Habits – BofA’s financial education resource, created in cooperation with Khan Academy. The tool will rollout in January.
In addition to the budgeting tool, the bank also released a number of updates to its mobile app. Customers can now opt in to view their account balances on the app’s homepage, without having to sign in first. Additionally, users are now able to view and download sStatements for any account, as well as access and email check images immediately after a mobile deposit. The app will also allow users to search for nearby BankAmeriDeals, for up to 15% cashback offers, with the new Deals Near Me feature.
The bank said the new updates were developed following feedback from its mobile userbase, which totaled at 21.3 million in 3Q16, up 16% from a year ago. Customers also used their mobile devices to deposit more than 280,000 checks daily – 18% of total deposits, according to BofA.