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 holy grail in financial services is maintaining a lifelong relationship with somebody," said David Tyrie, the bank's head of advanced solutions and digital banking. "But candidly, the thing that we've struggled with as an industry is trust. Life Plan is really about building trust and giving you that feeling that we are acting in your best interest."