Bank of America Life Plan Reaches Over 5 Million Users
- Bank of America says more than 5 million customers used its Life Plan feature, the personalized digital data and customer response tool it launched a year ago.
- The Charlotte, North Carolina-based bank said the feature is now the company’s fastest-adopted digital feature of all time.
- The bank on Tuesday announced plans to further integrate Life Plan with Erica, its AI-based virtual financial assistant, in early 2022.
Since nationwide launch Last year, life plan users’ account balances increased by $ 34 billion, the bank said.
âLife Plan’s ability to help clients define and pursue their unique financial goals shows how personalized planning and relevant, timely information can drive engagement and positively influence the way people manage their financial lives,â David Tyrie, chief digital officer and head of global marketing at Bank of America, said in a statement.
Life Plan allows users to set and track short and long term goals based on their life priorities. The bank said the top five goals for the tool set by users include budgeting and saving (35%), improving credit (27%), saving for a major purchase (22%) , buying a home (21%) and saving for retirement (18%).
The feature is most popular with Millennials and Gen Z, who make up 62% of life plans created, according to the bank. Gen X and Baby Boomers make up 35% and students make up 20% of all Life Plan accounts.
Twenty-three percent of its digitally active Spanish customers have signed up with Life Plan, the bank added.
Digital functionality also leads to greater interaction with bank staff.
Using the Life Plan has generated more than a million follow-up appointments with Bank of America finance professionals, both in person and virtually, the company said.
Once integrated with Erica, Bank of America said the virtual assistant will provide clients who use Life Plan with proactive information and actions they can take to help them progress toward their goals.
Additional enhancements will offer built-in tools to help Life Plan users understand how their financial activities can align with their priorities, such as supporting a small business and community engagement, the bank said.