Life Plan, a new functionality on Bank of America’s website and app, allows customers to set multiple goals like buying a home, improving credit, or saving for retirement, and uses its existing trove of client data to serve them recommendations. Such personalised advice used to be reserved for high-net worth customers who had enough cash to retain a financial advisor to help manage their wealth, but a host of digital budgeting tools, like Intuit Inc’s Mint app, have used artificial intelligence to bring planning to the masses.
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