Bank of America’s wealth management division Merrill Lynch has upgraded its mobile app to enable its users to manage their finances easily.
The enhancements will allow the customers to use the Merrill Lynch mobile app to scan and send paper documents to their financial advisers.
The new feature utilises the smartphone’s camera to capture images of each page of the document. These images are converted to a single PDF file, which can be sent securely to the customer’s Merrill Lynch adviser.
The company’s mobile app, which has a reported a 20% growth in users in the last one year, will also offer access to a spending and budgeting tool that tracks expenditures.
In addition, the app will now allow users to view their transactional activities and FICO score, and enable them to carry out real-time money transfers with Zelle.
Users can view bank statements and documents up to seven years in the MyMerrill mobile app.
Merrill Lynch plans to add more features to the app later this year, which will enable users to assess their income across ten categories and receive an annualised view of their income and expenses.
Merrill Lynch wealth management head Andy Sieg said: “Our clients are on the move, and they take their financial lives with them.
“By combining our customised solutions approach with our leading technology platform, we’re helping clients connect with their financial advisers, see their full financial picture of banking and investments, and receive clear recommendations with ongoing advice as their lives and markets change.”