Bank of America Corp's digital personal finance tool, Life Plan, has attracted more than $55 billion in new money since its launch in late 2020, as customers use technology to set financial goals.
A person walks past a Bank of America sign in the Manhattan borough of New York City, New York, U.S., January 19, 2022. REUTERS/Carlo Allegri/File Photodigital personal finance tool, Life Plan, has attracted more than $55 billion in new money since its launch in late 2020, as customers use technology to set financial goals.
Life Plan, which has more than 10 million users, enables customers to set goals such as saving for a vacation or college or to build a retirement fund. The tool has gained popularity as consumers increasingly use apps for managing payments, budgeting and shopping. BofA's app allows customers to move money around their bank and brokerage accounts, as well as pull in funds from other institutions, David Tyrie, chief digital officer at Bank of America, told Reuters.
"This is a very human experience that's designed to say what's important to you, and we're going to help you learn about it," he added.Over time, artificial intelligence has helped to make the tool easier for customers to use, helping it to gain traction, said Nikki Katz, head of digital at BofA, at the Consumer Bankers Association conference on Monday in Las Vegas.
Usage of the lender’s AI-driven virtual assistant, Erica, has also surged, with more than 33.5 million clients interaction in 2022, the lender said.Lananh NguyenLananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cut Fat From Home With $55 Off This Simple SolutionIf you're feeling a bit self-conscious about the current state of your body, there is a simple at-home solution that can help.
Read more »
Silicon Valley Bank itself was main cause of bank’s failure, Fed official saysThe nation’s top financial regulator is asserting that Silicon Valley Bank’s own management was largely to blame for the bank’s failure earlier this month.
Read more »
Key bank regulators appear before Congress in first Silicon Valley Bank hearingThree key bank regulators are testifying before Congress today in the first hearing about Silicon Valley Bank's collapse that sparked panic about the health of the financial system. Here's what to know.
Read more »
Bank of America Becomes Presenting Sponsor for Boston MarathonThe bank replaces long-time, Boston-based sponsor, John Hancock Financial.
Read more »
Bank of America upgrades this media giant, citing strong assets in a potential saleAnalyst Jessica Reif Ehrlich upgraded the stock to buy from neutral Tuesday.
Read more »
DAO token holders are plausibly liable, judge rules in bZx class actionA U.S. Court has agreed with a motion to hold named DAO token holders of bZx DAO liable for a $55 million hack from two years ago.
Read more »