Outlook for iPhone gains new Cortana-related feature, performance improvements1
Dubbed “Time to Leave,” the new Outlook feature notifies users when it's time to leave for their next event, as long as the app is allowed to access their location. On top of that, the new feature only works on Exchange server email accounts (no iCloud account support), although that's a bit unclear at the moment.
Aside from the new “Time to Leave” feature, the latest update is meant to bring some performance improvements, which will be noticeable if you have many folders in Outlook.
If you've already updated to Outlook v.2.83.0, you should already benefit from the new feature and the performance improvements mentioned above. If not, you can check out the App Store for the latest update.