Bank of America wades into digital budgeting space
Life Plan, a new functionality on Bank of America’s website and app, allows customers to set multiple goals like buying a home, improving credit or saving for retirement, and uses its existing trove of client data to serve them recommendations.
“Planning is no longer an activity that’s born out of how much money you have,” said digital planning executive Evelyn Varner. The tool, which launched nationally on Monday, has already helped the bank better target customers, executives said. During the eight-month long pilot period, Life Plan led to over 3,800 referrals for conversations with bankers.
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