Bank of America's new program is the latest evolution for an industry in the throes of change.
Bank of America wants to pull off an unlikely transformation: From megabank to trusted financial coach for its 66 million customers.
"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."
The shift has happened as fintech challengers like Sofi and Square start to encroach on bank's 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.
So the product had to have steady contact with users, Tyrie said. They distilled what they heard from people into seven priorities that everyone had: Family, finances, work, health, home, leisure and giving. "It's advice for what you need, when you need it," said Sofia Santos, a former McKinsey partner who joined the bank last year as head of consumer strategy."We wanted to break it down into small, actionable steps that people can do."
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