Bank of America is looking to establish a lifelong relationship with its customers. To achieve that goal, the bank is creating a digital financial coach to help clients plan for such things as home purchases and retirement savings.
According to CNBC, the new program will be known as Life Plan. It is scheduled to come out this fall, and will help users set attainable financial plans for the short- and long-term.
David Tyrie, head of digital banking at Bank of America, said, “The holy grail in financial services is maintaining a lifelong relationship with somebody…Life Plan is really about building trust and giving you that feeling that we are acting in your best interest.”
Life Plan is a mobile-based service, but will have a setting for customers to schedule appointments at physical branches. Users who have questions about wealth management, retirement, mortgage lending, and other products can personally speak to an associate as needed.
Last year, the bank launched a voice assistant, Erica, to guide users through its mobile app. Two months after the launch, Erica had already reached one million users. Tyrie said Life Plan will be incorporated with Erica’s technology later this year.
Bank of America has focused on rebranding for some time. Two months ago, the company announced they would rename some of their departments to unify the bank’s brand. Most notably, the investment sector formerly known as Merrill Lynch will now be known as ‘Merrill,’ and the US Trust sector will become Bank of America Private Bank.
