Bank of America just took a major step toward extending its mobile banking services to a growing base of millennials that are steering away from traditional banking.
The bank announced its collaboration with Facebook in which it is developing new capabilities that would allow its customers to stay connected with the bank on Messenger.
The announcement comes on the heels of Facebook’s F8 conference, where the tech giant revealed details on its plan to commerce-enable its Messenger app via chatbots. With the upgrade, Facebook said, it would give its 900 million active users access to eCommerce and customer care services of partner merchants.
The Charlotte-based bank, which has an asset value of over $2 trillion, is among the first to work with Facebook on developing the platform. Phase one of the release, Bank of America said, would entail capabilities that included real-time alerts and direct communication through the Messenger platform, which it plans on utilizing to connect its 47 million consumer and SMB clients.
“As one of the first banks collaborating with Facebook Messenger, Bank of America sees tremendous potential in connecting our financial services expertise with Messenger to deliver enhanced access, convenience and value for our clients,” said Michelle Moore, head of digital banking at Bank of America. “We want to serve clients wherever and whenever they choose, and Messenger is a perfect complement to our connected banking proposition through 2016 and beyond.”
The new set of features is slated for a release later this year, the bank added. While BoA didn’t provide details on its phase two development plans, it is most likely expected to provide advanced account access to its users.
The bank’s quick move to partner with Facebook and open new communication channels comes at a time when most big banks are struggling to make themselves relevant to a young customer base that is increasingly picking FinTech solutions from startups over heavyweight banks.
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