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BofA financial planning tool proves a hit

BofA financial planning tool proves a hit

More than 10 million customers have used Bank of America's financial planning tool, Life Plan, since its launch two and a half years ago.

Available through the BofA app and website, Life Plan lets customers select and prioritise their most important goals at every life stage and across multiple areas, including finances, family, health, home, work, leisure and giving.

Users can create and adjust financial goals in real time within the app and track their progress, with personalised guidance and recommendations on incremental steps toward achieving them. Customers can also get input from experts by scheduling in-person or virtual one-on-one appointments for discussions about their goals and strategies.

Clients who have used Life Plan have added more than $55 billion to their BofA accounts, with the top goals set by users including: Budget and Start Saving (33% of users), Improve Credit (28%), Save for a Large Purchase (21%), Buy a Home (18%), and Travel (16%).

“Our clients appreciate having an easy, intuitive way to set, track and adjust their financial goals,” says David Tyrie, chief digital officer and chief marketing officer, BofA.

Life Plan’s 10 million user milestone comes at a time of soaring uptake of online channels. BofA recorded more than 11.6 billion digital loginsin 2022 - a 10% year-over-year increase. In addition, last year, 33.5 million csustomers interacted with the bank's AI-driven personal assistant Erica, and more than 18.2 million Bank of America clients actively used the banking industry-led P2P payments app Zelle.

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