View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 23, 2012updated 04 Apr 2017 3:42pm

Merrill Lynch expands mobile services

Merrill Lynch Wealth Management is expanding the range of online services it offers clients on a number of portable devices. The bank is launching its first Android application, as well as adding features to its iPhone and iPad services. Users of Android 2.2 operating systems or higher will be able to securely view their accounts, follow the markets, retrieve real-time quotes and transfer money among other features.

By Thomas McMahon

Merrill Lynch Wealth Management is expanding the range of online services it offers clients on a number of portable devices.

The bank is launching its first Android application, as well as adding features to its iPhone and iPad services.

Users of Android 2.2 operating systems or higher will be able to securely view their accounts, follow the markets, retrieve real-time quotes and transfer money among other features.

On iPhones with operating systems of 4.0 or higher clients can now deposit cheques remotely into eligible Merrill Lynch investment accounts.

They can use the phone’s built-in camera to capture an image of the front and back of the cheques, and submit the checks for processing.

Meanwhile iPad users have gained a simplified way to pay their bills through their tablets.

Paul Fox, head of Merrill Lynch Wealth Management online platforms, said: “The convenience and speed of mobile access is becoming more important over time – especially for clients who have multiple account types with our financial advisers.”

 

Industry slow to react

Separately, a MyPrivateBanking analysis of the mobile apps offered by the world’s 50 top banks shows they have failed to keep pace with clients’ expectations.

Only the most basic functions such as an account overview and a Branch or ATM finder are offered by more than 80% of the banks. 

Securities brokerage is offered by only 40% of the banks and direct contact to a financial adviser is offered by only 36%.

The survey also found shortcomings in the security features of apps, with only 30% including appropriate features.

Few banks had integrated their services with social media sites such as Facebook or Twitter, the research said.

 

 

 

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International