In a move to become not just a reliable banking partner but a reliable financial coach, the Bank of America is developing a digital portal called Life Plan.
Under this portal, users can get access to a myriad of tools to help them prepare for goals like buying a house and saving for retirement.
According to the bank’s Chief of Advanced Solutions and Digital Banking David Tyrie, establishing a connection and maintaining a relationship with customers is the ‘holy grail’ of financial services.
“Life Plan is really about building trust and giving you that feeling that we are acting in your best interest,” said Tyrie.
Shift of Financial Journey
A decade ago, charging customers with a $35 overdraft fee may be acceptable but post-Great Recession, people are more aware of their money.
Hidden fees and charges are still happening left and right but some banks changed the way they make money out of these fees.
What the Bank of America is doing Is giving a ‘lifetime value’ for people to choose them. Nowadays, the trust of people cannot be easily acquired, with their experiences in massive fees and penalties from different banks.
Now, with the Life Plan, people can find it a good investment to which they can benefit until retirement.
The innovation of Financial Services
In an article published by Yahoo, Tyrie was assigned to have a holistic view of the BoA’s customers in 2015. After dozens of research and evaluation, his team members finally filtered the seven biggest priorities of people that are: family, finances, work, health, home, leisure and giving.
With this data, Tyrie was able to ‘anchor the relationships’ of people, keeping their life goals in check.
“We’re going to help you set some goals, and then figure out what products and services match those goals,” he claimed.
Life Plan will be available to those who have a deposit account in the Bank of America.