CHARLOTTE, N.C.—Bank of America is looking to change its image from that of a megabank to a “trusted financial coach” for its 66-million customers, a new report suggests.
The positioning will sound familiar to many in the credit union community, which has sought to have members and consumers see it as a trusted advisor.
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, according to CNBC.
“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,” stated CNBC.
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.