Bank of America has rolled out a digital tool named Life Plan to help customers set and track their financial goals. This new digital tool allows clients to prioritize their most important goals within the finance, family, health, work, home, and leisure domains. It will let customers set and continuously adjust their plans according to their priorities. Another advantage of the app is that customers can connect in-person on a virtual one-to-one call with the experts to discuss their goals and strategies.
“We designed Life Plan to give clients the power to define, prioritize and make progress toward their financial goals,” David Tyrie, Bank of America’s Head of Advanced Solutions and Digital Banking, said in a statement. “Life Plan delivers a personalized experience for every client, providing information that is timely and relevant, aligned to their unique financial goals, and offering a choice of the next best step.”
Tyrie added, “This is not a separate experience. This is essentially taking every piece of content that is in the Bank of America experience — all the products, all the services — and just personalizing it, so it’s relevant to you.”
In general, customized goal-management guidance is preferred by high-earning clients with the ability to recruit and maintain a personal financial advisor; Bank of America seeks to democratize access to financial advisors with Life Plan. This scenario worked during its eight-month pilot phase, where Life Plan led to 3,800 referrals for conversations with bankers, as clients looked to personalize further and fine-tune their individual fiscal goals.
Life Plan also integrates with Bank of America’s award-winning tools such as Erica, an AI-driven virtual financial assistant. It uses voice prompts to display account-holder details such as account balances, recurring payments, and transaction histories. Life Plan also goes well with Preferred Rewards, the Bank of America’s loyalty program, and Better Money Habits, a free financial education platform.
Bank of America worked to expand its digital offerings and capabilities during 2020, unveiling plans to double its market share in January through a comprehensive digital strategy that included AI and mobile app technology investments. The bank rolled out an improved mobile app experience in early September, including an overview of all financial information in one location, extending Erica’s support, and Merrill accounts’ integration.
Bank of America has seen a considerable increase in mobile banking customers by over 15%. During January, the bank noticed 29.2 million active mobile banking users, while at the same time, the number of active digital banking users was 38.3 million.
Life Plan is available both in English and Spanish through the BoFA app and website.