Bank of America enters digital financial planning market

Tuesday 6 October 2020 13:39 CET | News

Bank of America has announced plans to roll out a digital financial planning tool, wading into a space that has so far been dominated by fintech companies.

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.

Bank of America has been building out its product set to attract customers lower on the wealth spectrum. The tool, which launched in October 2020, has already helped the bank better target customers. During the eight-month long pilot period, Life Plan led to over 3,800 referrals for conversations with bankers, according to Reuters.

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Keywords: Bank of America, BoA, digital financial planning, fintech, Life Plan, app, savings, financial advisor, wealth management, digital budgeting, Intuit Inc, Mint, artificial intelligence, bankers, bank
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech

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