Digital Banking

BoA Expands Into Digital Financial Planning For Consumers

Bank of America has launched its Life Plan program, which it says will aid customers in better financial planning, according to a press release.

Life Plan can be accessed through the Bank of America mobile app and website. It allows users to select and prioritize their financial goals in areas like finances, family, health, home, work, leisure and giving, according to the release.

Users can create adjustable goals to change along with their priorities, and progress can be monitored through personalized guidelines and recommendations on how to achieve the goals, the release stated. Users can also use Bank of America's network of financial professionals with options for one-on-one appointments — either virtual or in person — to discuss how to meet certain financial goals.

Life Plan is available in both English and Spanish and can work with the bank's apps, such as the artificial intelligence (AI)-driven assistant Erica and the Preferred Rewards program, Bank of America's loyalty program. The Life Plan program also works with Bank of America's Better Money Habits program, a free financial education program, the release stated.

According to the release, the top categories people have needed help with during the eight-month pilot are "budget and start saving (32 percent); save for retirement (31 percent); buy a home (30 percent); save for a large purchase (30 percent); and improve my credit (28 percent)."

During the pandemic, individuals have been playing it safe financially. In June, PYMNTS reported that Bank of America had seen $2 trillion in deposits, a record number, since the pandemic hit, as people hedged their bets against the tumultuous economy and potential job losses. That included an April number of $865 billion in deposits — more than usually is deposited in an entire year, although that happened as the federal government doled out $1,200 personal checks.

Bank of America CEO Brian Moynihan said in May that he could see the economy recovering because of the aforementioned checks and reopening of the economy around that time.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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