The shift has happened as fintech challengers like Sofi and Square start to encroach on banks’ 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 in 2015, Bank of America made Tyrie head of all consumer and small business products, meaning one executive was charged with having a holistic view of the customer. In late 2016, Tyrie began holding focus groups across the country to determine what the bank could do to make people lifelong customers.
Tyrie said the bank plowed through more than a dozen of the consumer sessions until it had a breakthrough: A NASA engineer in Houston told the bank team that most financial firms wanted to push a button on a plan and walk away. Reaching your life goals is like firing a rocket at the moon, the engineer said: It requires constant course correction.
So the product had to have steady contact with users, Tyrie said. His team members distilled what they heard from people into seven priorities that everyone had: family, finances, work, health, home, leisure and giving.