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Capital Acumen 34

U.S. Trust to Simplify Online Account Access

Technology upgrades will allow clients to manage multiple accounts with a single login.

Hands typing on the keyboard of a laptop, surrounded by chalk drawings of charts and graphs.

Photo credit: Cactus Blai Baules/Stocksy

FINANCIAL INSTITUTIONS OFTEN tout their integrated approach to wealth management, but for many of their customers, there’s nothing integrated about their account information. Seeing whether a check has cleared, making an online mortgage payment or transferring funds to a brokerage account can require customers to log in to multiple websites even when all of their accounts are with the same provider. To give clients a more integrated experience, Bank of America is investing in digital technology that allows clients to manage their banking and investing accounts without having to sign in to multiple platforms. For example, when upgrades to U.S. Trust’s digital account management platforms are completed in the first quarter of 2019, clients will be able to:

  • View real-time balances for all their accounts (U.S. Trust, Merrill Lynch and Bank of America) on every online and mobile platform across Bank of America.
  • Navigate between U.S. Trust and Bank of America online and mobile platforms with a single login.
  • Transfer money between U.S. Trust and Bank of America accounts through U.S. Trust Online.

“About 80% of U.S. Trust clients also have consumer banking relationships with Bank of America. Providing them a more holistic view of their banking and investing accounts can lead to a more fruitful collaboration with their U.S. Trust advisors,” says Kabir Sethi, head of Digital Wealth Management at Bank of America.

“An integrated view of clients’ financial lives helps their advisors spot issues and opportunities. It’s pretty simple: Better financial data can translate into better financial planning.”

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