David Tyrie, Bank of America’s Chief Digital Officer and Head of Global Marketing, said the bank would integrate its online services into one app. It will be rolled out by December.

Why should we care?
Whether Bank of America pulls off this super-app will be a useful case study for other “one-stop-shop” players. If BofA releases a sufficiently intuitive app, then it may be able to use retail banking as a way to convert customers into investment clients, increasing the size of BofA’s more profitable business branches. But if the super-app fails and confuses customers, then the bank may face a deluge in support calls as well as a decline in customers using its services. So far, though, Bank of America has led established banks in tech-centered growth. It unrolled peer-to-peer transactions through Zelle onto its app in under a month; the bank now sees more transactions through Zelle than through checks. It also has a best-in-class AI assistant, Erica; only 2% of customers end up calling a support agent after using the service. Tyrie offered a long timeline for the all-in-one app, suggesting Bank of America is treating this new development as a decisive orbital jump.