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Bank of America and Merrill Lynch Move Closer to Banking-Wealth Management Synergy for Clients

By Alex Padalka October 8, 2018

In a move to deliver services the way the majority of clients apparently prefer them, Bank of America has introduced navigation between its banking and investment apps, according to a press release from the firm.

The majority of consumers with at least $1 million in assets prefer to handle their banking and investing services all in one place, according to a Phoenix Wealth Monitor report cited by Bank of America. Among millennials, meanwhile, 70% prefer to do so, according to the report cited by the firm.

Bank of America’s new feature will let clients move between apps for its various services without having to re-authenticate, according to the press release.

Currently, the inter-app capabilities extend to Bank of America, its traditional wealth management unit Merrill Lynch and the online discount brokerage service Merrill Edge, according to the press release.

In November the firm will also connect the other part of its traditional wealth management division, U.S. Trust, Bank of America says.

The app now also lets clients log in using biometric authentication, such as fingerprints and facial identification, according to the press release.

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In addition, mobile customers will have access to all of their activity on the person-to-person payment application Zelle, which so far this year has been responsible for $25 billion sent among four million Bank of America customers, the bank says.

App users will also be able to connect directly with the bank’s lending specialists.