NY: Wells Fargo will make a financial planning tool available to its nearly 70 million customers, after launching it for wealth clients earlier this year. The tool, called LifeSync, enables mobile users to create and monitor their financial objectives, check their credit ratings and get in touch with financial advisers.
Michael Liersch, the head of advice and planning at Wells Fargo, said that the tool already has “around 100,000 goals” that amount to $24 billion in financial plans.
Life Sync also allows users to invest and transfer money between accounts through their mobile app.
Wells Fargo has reduced its expenses by cutting down its branch staff by 10% and its branch locations by 4% from the previous year, thanks to its digital offerings, as executives informed analysts on a conference call in July.
Online financial tools can also generate huge revenues. Bank of America’s (BAC.N) rival product, Life Plan, brought in more than $55 billion in new money since it was rolled out in late 2020, as reported in March.
Michelle Moore, the head of digital for consumer, wealth and investment management at Wells Fargo, said that “customers are looking for speed, usability and insights and the financial planning app allows them to track it any time of the day.”
On Friday, Wells Fargo, the U.S.’s fourth largest bank, will announce its third-quarter earnings.