BofA’s planning app gains $55bln since rocky launch

Bank of America Corp (BofA)’s personal financial planning app, Life Plan, has gained over $55 billion, and had 10 million users since its launch in late 2020, Reuters reported on Wednesday.

Life Plan customers can set saving goals, and the app has become more popular as consumers use apps to manage their payments, budget and shop.

“BofA’s financial app allows customers to move their money across their bank and brokerage accounts, and also pull in funds from other institutions,” said David Tyrie, chief digital officer at Bank of America.

The financial app is using AI to make it easier to deal with and gain traction, and the usage of AI-driven virtual assistant, Erica, reached 33.5 million clients interaction in 2022, said Nikki Katz, head of digital at BofA on Monday.

Millennials and Gen Z users make 63 percent of the app’s users, and Gen X and baby boomers make 38 percent of the app’s users.