#PersonalFinanceManagement / BoA Expands Into Digital Financial Planning For Consumers

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… 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 … 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…

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)."