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.
Go deeper with GlobalData
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.
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By GlobalDataPaul 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.
