Finance & Economics

BofA Financial Planning Tool Proves Hit

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

BofA Financial Planning Tool Proves Hit

Source: Pixabay.com

The financial planning tool is available through the BofA app and website. Life Plan allows one to choose and prioritize the most important goals at every stage of life and in many aspects of it, including finances, family, health, home, work, leisure, and charity.

Clients of a financial institution using this tool can create and adjust financial goals in real-time in the application and track their progress. The bank’s product tells consumers which actions are better to perform and which decisions to make at each stage of the goal achievement process.

Customers who have used Life Plan have added more than $55 billion to their accounts. The most common financial planning goal among consumers of BofA services is proper budgeting and subsequent cost savings. This goal is interesting to 33% of users. Also, 28% of customers are interested in improving the loan.

David Tyrie, Director of Digital Technology and Marketing at BofA, says that consumers appreciate a simple and intuitive way to set, track and adjust their financial goals.

The milestone of 10 million Life Plan users coincided with a period of rapid growth in the popularity of online channels. Last year, BofA registered more than 11.6 billion digital logins. This indicator is 10% higher than the same result in 2021.

Also last year, 33.5 million customers interacted with Erica bank’s assistant, which is controlled by artificial intelligence. More than 18.2 million consumers of financial institution services in 2022 actively used the Zelle P2P payment application.

Bank of America is one of the largest financial institutions in the world. Currently, the bank serves about 67 million customers.

As we have reported earlier, Bank of America Reshuffles Lending Unit Employees.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.