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Bank of America to Launch Automated Financial Goal-Planning Platform This Fall

Bank of America is rolling out a new financial 'coaching' portal available to its more than 60 million customers later this year.

Bank of America is continuing its push into automation with plans to roll out a new digital "financial coach" for its banking customers in fall 2019. The bank is calling its financial planning portal Life Plan, with the goal of selling a one-stop shop for customers to manage a lifetime of financial needs such as home mortgages, new car purchases, retirement savings and overall wealth management.

David Tyrie, Bank of America’s head of advanced solutions and digital banking, told CNBC that Life Plan’s user interface will require regular inputs from customers as their financial priorities shift. The bank also plans to allow Life Plan users to incorporate data from external money managers, though no specific partnerships have been announced.

In mock-ups for the Life Plan app, users will select from a set of goals like Buy a Car, Get Married and Welcome a Child. From there, the app makes financial planning recommendations while also pointing users to relevant articles and videos.

The bank says it aims to integrate Erica, the virtual assistant it launched in 2016, into Life Plan later this year. Erica’s AI functionality currently allows customers to perform tasks like check their account information, track FICO scores and make payments through voice commands.

While Bank of America continues to introduce new automated solutions for its customers, it does plan to allow Life Plan users to schedule in-person appointments at its physical branches as part of the portal’s workflow.

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