Bank of America has released the upgraded version of its mobile banking app featuring its AI-powered virtual financial assistant Erica, designed to offer users greater control over their finances.

According to the lender, the redesigned app will enable nearly 29 million of its mobile clients to easily navigate all of the bank’s mobile banking functions.

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Bank of America head of advanced solutions and digital banking David Tyrie said: “The new look and feel of our mobile app reflects Bank of America’s focus on delivering solutions for clients that are timely, relevant and accessible, however they choose to bank.

“This enhanced mobile experience makes it even easier and more convenient for clients to bank with us, and empowers them with information and insights to make better financial decisions.”

The new mobile banking app will offer a number of enhancements that includes connecting digital and physical channels to provide a better shopping experience.

Additionally, the customers can use the app to submit an application for a new offering including a credit card, auto or home loan.

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Moreover, from next year, the virtual assistant ‘Erica’ will notify clients about the potential savings if they repay their credit card bills on time.

With the help of Erica, the mobile bank app users can also get assistance for card disputes and obtain information about unauthorised charges.

Bank of America head of experience design Rachel Kobetz stated: “The app redesign was informed by feedback from our clients who will start to see visual changes and a new unified design as part of an overall evolution of our digital banking experience.

“These updates give our app a modern interface and provide more personalisation based on the client’s relationship with us.”