Available within the mobile app and online,
Life Plan users add more than $55
Billion to BofA accounts in two years
CHARLOTTE, N.C., March 29,
2023 /PRNewswire/ -- Bank of America today announced
that more than 10 million clients have used Life
Plan® since its launch in late 2020. Available
within the Bank of America mobile app and online banking platform,
Life Plan is a first-of-its-kind, personalized digital experience
that enables clients to set and track near- and long-term goals
based on their life priorities, and better understand and act on
steps toward achieving them. Clients who have used Life Plan have
added more than $55 billion to their
Bank of America accounts, as of December
2022.
"Our clients appreciate having an easy, intuitive way to set,
track and adjust their financial goals," said David Tyrie, Chief Digital Officer and Chief
Marketing Officer at Bank of America. "When we launched Life Plan
more than two years ago, we did so to provide each client with
personalized insights into their financial goals in our app and
online, helping them keep track and giving them confidence for
what's ahead."
Currently, the top goals set by Life Plan users include: Budget
and Start Saving (33% of users), Improve Credit (28%), Save for a
Large Purchase (21%), Buy a Home (18%), and Travel (16%). This is
the first time Travel has appeared as a top 5 goal in Life Plan.
This aligns with data from the January Consumer Checkpoint from the
Bank of America Institute which showed spending with airlines was
up more than 20%, and up nearly 5% for lodging, both year over
year.
Clients across all demographics are leveraging Life Plan to help
them reach their financial goals and connect with financial
professionals:
- Millennials and Gen Z have created the greatest number of Life
Plans, representing 63% of all plans created. Gen X and Baby
Boomers make up 38% of users.
- Nearly half (42%) of Spanish-speaking digital users are
engaging with Life Plan.
- Since launch, clients using Life Plan set up more than 2.3
million follow-up appointments with Bank of America financial
specialists.
Life Plan's 10 million user milestone comes at a time when
clients' use of digital capabilities are at record levels. More
than 11.6 billion digital logins occurred in 2022 – a 10%
year-over-year increase. In addition, last year, 33.5 million
clients interacted with Erica®, the first widely
available AI-driven virtual financial assistant, and more than 18.2
million Bank of America clients actively used Zelle.
More information on how Bank of America clients are engaging
with digital banking is available in the bank's
quarterly Trends in Digital fact sheet.
Download the Bank of America app or
visit bankofamerica.com.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 67 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately
16,000 ATM and award-winning digital banking with
approximately 56 million verified digital users. Bank of America is
a global leader in wealth management, corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock
Exchange.
Zelle and the Zelle-related marks are wholly owned by Early
Warning Services, LLC and are used herein under license.
For more Bank of America news, including dividend announcements
and other important information, register for news email
alerts.
Reporters May Contact:
Andy Aldridge, Bank of
America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/over-10-million-bofa-clients-use-life-plan-to-pursue-financial-goals-through-personalized-digital-experience-301785002.html
SOURCE Bank of America Corporation