Bank of America

Banks are being forced to innovate and offer more services to their clients in order to stay ahead of the competition, and one way that Bank of America has sought to do this was to introduce their financial planning app: Life Plan.

Life plan brings $55 billion to Bank of America

The app has been a huge success since it was rolled out in 2020 and has now attracted over 10 million users from across the US, who are all interested in building out their own financial strategies and working with the bank to manage them appropriately.

Consumers who make use of the app do so in order to manage their spending and budgeting.

According to David Tyrie, the Chief Digital Officer at the BofA:

“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.”

Bank of America is well-known to be one of Warren Buffett’s favourite investments, and despite the banking crisis that is unfolding at the moment he remains confident that Bank of America will be fine.

Bank of America integrates AI

Nikki Katz, the head of digital at BofA, stated at a banking conference on Monday in Las Vegas that one of the key reasons the application has gained popularity in recent years is the AI features, which have significantly improved the service’s efficiency.

For example, BofA has created an AI-driven assistant known as Erica, who is constantly available to answer any questions or concerns that their clients may have – over 33.5m of their clients engaged with Erica at some stage in 2022.

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