Bank of America Delivers First Widely Available AI–Driven Virtual Financial Assistant
May 18 2018 - 9:30AM
Business Wire
Transforms Mobile Banking With Erica
Bank of America is rolling out the first widely available
AI-driven virtual assistant of its kind in financial services,
Erica, to its 25 million mobile clients. This latest innovation
reflects the bank’s continued investment in digital capabilities as
part of its high-tech, high-touch client experience, including the
Digital Mortgage Experience™, mobile car shopping tool, Merrill
Edge® Guided Investing, and Business Advantage.
“Everything we do is based on what we hear from our clients: how
they want to interact with us and how we can make their financial
lives better,” said Michelle Moore, head of digital banking at Bank
of America. “Erica delivers on this in many ways, from making
it easy for clients to find what they are looking for to providing
new and interactive ways to do their banking using voice, text or
gesture. Through Erica, we are also delivering personalized
solutions at scale by providing insights, such as how you can
improve your credit score or create a budget.”
The bank recently surpassed 25 million mobile banking clients
and began rolling out Erica broadly across the country. The rollout
will continue through June. To view rollout updates, visit the
interactive map.
Growing with clients over time
Erica combines the latest technology in artificial intelligence,
predictive analytics and natural language to be a virtual financial
assistant to clients. Currently, clients can ask Erica to:
- Search for past transactions, such as
checks written or shopping activity, across any one of their
accounts.
- Increase awareness about their credit
scores and connect them to information that will help them learn
about money management through Better Money Habits®.
- Navigate the app and access key
information, such as routing numbers or the closest ATM or
financial center.
- Schedule face-to-face meetings with
more than 25,000 specialists in our financial centers.
- View bills and schedule payments.
- Lock and unlock debit cards.
- Transfer money between accounts or send
money to friends and family with Zelle®.
Erica is designed to learn from clients’ behaviors over time,
helping them accomplish simple to complex tasks within the mobile
banking app with easy-to-follow prompts. Clients can interact with
Erica any way they choose, including texting, talking or tapping
options on their screen.
“Erica’s knowledge of banking and financial services increases
with every client interaction,” said Aditya Bhasin, head of
consumer and wealth management technology at Bank of America. “In
time, Erica will have the insights to not only help pay a friend or
list your transactions at a specific merchant, but also help you
make better financial decisions by analyzing your habits and
providing guidance.”
In the coming months, Erica will be able to tackle more complex
tasks, such as:
- Sending proactive notifications to
clients about upcoming bills and payments.
- Displaying key client spending and
budgeting information and advice on ways to save.
- Identifying ways for clients to save
more.
- Managing credit and debit cards to help
notify clients of card changes.
- Showing upcoming subscription charges
and monitoring transaction history and changes.
Learning from our clients
Bank of America began piloting this technology with its
employees in late 2017 and started rolling it out to clients in
March of this year. Since its development, the bank:
- Integrated more than 200,000 different
ways for clients to ask financial questions.
- Added new functionality based upon
client patterns and behaviors.
- Expanded Erica’s conversational
knowledge, including the ability to engage clients with salutations
and well wishes, such as “happy birthday”.
- Implemented a real-time feedback
capture to inform future enhancements.
To meet Erica and download multimedia, visit the Digital Banking
press kit.
Bank of America’s Digital Banking LeadershipBank of America’s
digital banking platform is an evolving source of increased client
engagement and satisfaction serving more than 36 million digital
clients, including 25 million active mobile users. Its
award-winning mobile app was the first to receive J.D. Power’s
certification for “An Outstanding Mobile Banking Customer
Experience.” During the first quarter of 2018, mobile banking
clients logged into their accounts 1.4 billion times, made 140
million bill payments and deposited 33 million checks via
mobile.
Bank of AmericaBank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
47 million consumer and small business relationships with
approximately 4,400 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 36
million active users, including 25 million mobile users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations across
the United States, its territories and more than 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email
alerts.
www.bankofamerica.com
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Reporters May Contact:Betty Riess, Bank of America,
1.415.913.4416betty.riess@bankofamerica.com
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