More Than 5 Million Bank of America Clients Use Life Plan in its First Year to Prioritize Financial Goals and Establish a Path Toward Achieving Them

October 5, 2021 at 9:00 AM Eastern

Bank of America today announced that more than 5 million clients now use Life Plan®, making it the company’s most rapidly adopted digital feature of all time. Available within the Bank of America mobile app and online banking platform, Life Plan offers a personal 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. Since launching nationally one year ago, account balances among Life Plan users have increased by $34 billion.

“Life Plan’s ability to help clients set and pursue their unique financial goals shows how personalized planning and timely, relevant insights can drive engagement and positively influence the way people manage their financial lives,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “At Bank of America, we are providing clients with best-in-class digital experiences to help them meet their financial needs today and successfully plan for the future.”

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In early 2022, Life Plan will be further integrated with Erica, the bank’s AI-driven virtual financial assistant. Erica will provide clients who use Life Plan with proactive insights and steps they can take to help them make progress toward their goals. Additional future enhancements will offer integrated tools to help Life Plan users understand how their financial activities can align with their priorities, whether that’s budgeting, supporting a small business, community engagement, or all the above

Available in English and Spanish, Life Plan delivers a holistic view of a client’s financial goals and helps track progress toward them. Life Plan also provides information and tips from Better Money Habits®, a free financial education platform that helps clients make sense of their money and take action.

  • Top five goals being set by Life Plan users include: Budget and Start Saving (35%), Improve Credit (27%), Save for a Large Purchase (22%), Buy a Home (21%), and Save for Retirement (18%).
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  • Millennial and Gen-Z clients are the most active users, accounting for 62% of the Life Plans created, with Gen X and Baby Boomers making up 35%. Students are another active client group, creating 20% of Life Plans. Additionally, 23% of Bank of America’s digitally active Spanish clients have engaged with Life Plan.
  • Clients continue to take advantage of one-on-one personal guidance with financial specialists. In its first year, the use of Life Plan helped drive more than one million follow-up appointments with Bank of America financial professionals – both in-person and virtually – helping to inform collaborative discussions with clients about their financial goals and strategies to achieve them.

Life Plan’s strong first-year growth comes amid a record-setting year for digital engagement across Bank of America. More than 70% of Bank of America clients are actively using digital channels for more of their needs, including 72% of consumer and small business clients, 80% of wealth management clients across Merrill Lynch Wealth Management and Bank of America Private Bank, and 75% of global banking clients.

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Bank of America’s digital leadership in consumer banking has been recognized through various awards in 2021, including being named the Best Consumer Digital Bank in the United States by Global Finance; No. 1 rankings from J.D. Power in customer satisfaction among national banks for both online banking and mobile banking apps; Javelin Strategy & Research named Bank of America “Best in Class,” its highest honor, in both mobile and online banking for the fifth consecutive year; and the company received Celent’s 2021 Model Bank award for Customer Engagement. Overall this year, Bank of America has been recognized with more than 170 industry awards for its innovation, solutions, financial technology, and delivering exceptional client service and experiences to its Retail, Preferred and Small Business clients.

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 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile 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.

Bank of America Life Plan is a registered trademark of the Bank of America Corporation.

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Reporters May Contact:

Andy Aldridge, Bank of America,
Phone: 980.387.0514
andrew.aldridge@bofa.com

 

Figure 1 description - “Map out life priorities and unique financial goals.” Smart phone displaying an app screen reading “What are you focused on? Tap twice for the most important, and for anything else just tap once. Don’t worry, you can always update these later.” Most of the screen is filled with circles containing various goals and priorities; “Buy a home” is marked as most important, and “Travel”, “Pay off student loans”, and “Budget and start saving” are also highlighted. There are category links for “Home”, “Leisure”, and “Finances”, and various buttons and links to go back, skip, reset, and save.

“Easily create and adjust goals and plans in real time as life priorities change.” Smart phone displaying the app’s “Summary” tab, in which the sections “Journeys”, “Goals”, and the very beginning of “FICO® Score” are currently on screen. Journeys has options to “Get started on your journey” for Home, Finances, and Leisure, as well as an “Update Life Plan” link. Goals is displaying “New laptop” and “Rainy day fund” with progress meters, as well as an “All Goals” link.

“Track progress toward goals, with personalized guidance on the best next steps.” Smart phone displaying the app’s “Home” tab, in which the sections “Take Action”, “Track Progress”, and the very beginning of “Explore” are currently on screen. Under Take Action is the link “Buy a home: Buying your first home can be exciting, but learn some common mistakes to avoid.” Under Track Progress are “Buy a home: 1 of 16 actions completed” and “Suggestion: Create a goal. As your Life Plan progresses, make sure you establish a goal to help you stay on track.”

Figure 2 description - Top 5 Life Plan Goals. Bar graph. Budget and Start Saving, 35%. Improve Credit, 27%. Save for a Large Purchase, 22%. Buy a Home, 21%. Save for Retirement, 18%. Logo: Bank of America.

Figure 3 description - Bank of America Life Plan® One Year Milestone At a Glance. 5,000,000+ Clients Using Life Plan®. 34,000,000,000$ Increase in Client Account Balances. 62% Created by Millennials and Gen Z. Logo: Bank of America.

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