Bank of America wants to pull off an unlikely transformation: from megabank to trusted financial coach for its 66 million customers.
For years, the second biggest U.S. lender has steadily released new digital capabilities, from updated banking apps to electronic payments and a virtual assistant named Erica.
Now, it’s preparing to unveil something that ties together these innovations. It’s called Life Plan, and its Bank of America’s bet at securing decades’ worth of loyalty from its customers. The product, due for release in the fall, is a digital portal that helps users work toward goals like buying a home or saving for retirement.
The shift has happened as fintech challengers like Sofi and Square start to encroach on banks’ turf by offering checking accounts. While Bank of America, J.P. Morgan Chase and Wells Fargo have gotten nearly half of all new checking accounts in 2017, according to consultant Novantas, they can’t rest on their laurels.