Merrill Lynch is launching a new enhanced mobile app that allows clients to scan paper documents and send to their advisors, among other features, says the firm.
The new scanning feature uses the device’s camera to capture images of each page and converts them into a single PDF file. Clients that have Bank of America accounts can now also use the Zelle person-to-person payments service directly from their MyMerrill mobile app. “Our clients are on the move, and they take their financial lives with them,” says Andy Sieg, head of Merrill Lynch Wealth Management, in a press release.
The wirehouse has been investing heavily in digital wealth management services recently to meet increasing demand. The firm says active users of its mobile platform have grown by 20% over the past year.
In March, it launched a new digital budgeting tool accessible through MyMerrill.com as well as the mobile app. Among other things, it provides a spending comparison function, outlines spending trends for up to the past 13 months, and allows users to tack spending in 14 different main categories and 62 subcategories.
“By combining our customized solutions approach with our leading technology platform, we’re helping clients connect with their financial advisors, see their full financial picture of banking and investments, and receive clear recommendations with ongoing advice as their lives and markets change,” Sieg says.
Merrill is among a number of financial institutions that have put a focus on digital wealth management and investing tools. These include banks such as U.S. Bank, which debuted a robo adviser earlier this month, Webster Bank’s automated advice offering paired with human guidance, and Fifth Third, which has rolled out several digital products designed to give wealth clients a full overview of their financial life.