Bank of America’s Life Plan feature gains more than five million users

Bank of America announced that Life Plan – a digital financial planning tool it launched a year ago – has crossed five million users, calling it the company’s “most rapidly adopted digital feature of all time.”

Why should we care?
Life Plan takes what it knows about the customer to create a financial plan across life stages, a recipe to help support customers’ financial needs across different phases of their lives. Since launching a year ago, account balances among Life Plan users have increased by $34B, according to Bank of America. Early next year, Life Plan will be integrated with the bank’s artificial intelligence-driven virtual assistant Erica, which will offer users proactive insights and steps they can take to achieve their financial goals. “Personalized planning and timely, relevant insights can drive engagement and positively influence the way people manage their financial lives,” said David Tyrie, chief digital officer and head of global marketing at Bank of America. The bank said the top five goals among Life Plan users are budgeting and saving (35%), improving credit (27%), saving for a large purchase (22%), buying a home (21%), and saving for retirement (18%).