Bank of America’s Erica® Surpasses 10 Million Users, Introduces New Capabilities
December 11 2019 - 9:00AM
Business Wire
Company Also Reveals Nation’s Most Mobile
Banking Cities
Bank of America today announced that its artificial intelligence
(AI)-driven virtual financial assistant, Erica®, has surpassed 10
million users since its nationwide rollout in June 2018 and is on
track to complete 100 million client requests in the coming weeks.
These milestones coincide with the introduction of several new
Erica insights within the bank’s award-winning mobile app that
offer clients personalized, proactive guidance to help them stay on
top of their finances.
“Erica is ushering in a new era of personalized banking and
providing our clients never-before-possible convenience,” said
David Tyrie, head of advanced solutions and digital banking at Bank
of America. “Our high-tech capabilities together with our
high-touch approach deliver a more intuitive and efficient banking
experience for our clients across all channels.”
The latest enhancements to Erica include a new Refund
Confirmation Insight through which clients are proactively notified
when a merchant refund is posted and available to use in their
checking, savings or credit card accounts.
Erica also provides new insights for members of Bank of
America’s Preferred Rewards program, a first-of-its-kind loyalty
program that recognizes the value of a client’s entire relationship
with the bank. In addition to alerting clients when they are
eligible for the program and guiding them through the enrollment
process, Erica now proactively notifies members when they’re within
$10,000 of the next Rewards program tier, enabling them to see how
much more they could earn at the next tier and offering guidance on
how to qualify. Six million clients are Preferred Rewards members,
with access to an array of perks and benefits across their entire
banking and investing relationship.
Additionally, the following enhancements to Erica will be
introduced early next year:
- New Card Merchant List Assistance: After receiving a
replacement debit or credit card, Erica will proactively provide
clients a list of merchants and subscription services where their
card information may be stored, making updates easier. Clients can
also ask Erica for a list of companies that have their card on file
at any time.
- Duplicate Merchant Charges Insight: Erica will alert clients
when they may have been charged more than once for a purchase so
they can take immediate action. Erica will then guide them through
the process of filing a dispute when necessary.
Nation’s most mobile banking cities
Bank of America also revealed today new insights into the
adoption of mobile banking among its 29 million mobile clients
nationwide. Today, 60 percent or more of Bank of America clients in
17 major cities are actively using the company’s award-winning
mobile experience.1
- Memphis, Tenn., known as the home of the blues and birthplace
of rock ‘n’ roll, now has another designation – Bank of America’s
most mobile banking city, with nearly two-thirds (65 percent) of
clients actively using the company’s mobile app. Nashville, Tenn.
takes the second spot with 64 percent.
- Closely following are Atlanta, Charlotte, N.C., Dallas,
Orlando, Fla., and Raleigh, N.C. at 63 percent each; Houston at 62
percent; and Austin, Texas, Boston, Miami, and New York City at 61
percent.
- Rounding out the top mobile banking cities at 60 percent each
are Chicago, Knoxville, Tenn., Philadelphia, Richmond, Va., and
Washington, D.C.
- Approximately 30 percent of Bank of America mobile clients
nationwide have interacted with Erica, with the highest rates of
adoption occurring in Memphis, Tenn. (34 percent); San Antonio,
Texas and Las Vegas (31 percent); and Albuquerque, N.M., Buffalo,
N.Y., Chicago, Oklahoma City, Okla., and Providence, R.I. (30
percent).
Even more, Bank of America found that in nearly 100 major cities
across the country, at least 50 percent of clients are active
mobile banking users – including in several cities known for being
tech-savvy, such as Los Angeles, San Diego, San Francisco, Seattle
and Tampa, Fla.2
“Whether it’s Erica, Preferred Rewards or mobile banking and
investing, we’re providing clients the technology, benefits and
resources to help them reach their financial goals – meeting them
where they are, and through the channels they prefer,” added
Tyrie.
Learn more about Bank of America’s digital offerings and
Preferred Rewards program.
1 Data as of September 30, 2019, and based on markets with more
than 100,000 Bank of America checking account clients. Insights
therefore exclude cities where the company has more recently
expanded its retail banking presence, including Denver (69 percent
mobile app adoption), Minneapolis (67 percent) and Indianapolis (67
percent).
2 Including newer and established markets.
About Bank of America Digital Banking Bank of America’s
award-winning digital banking platform is an evolving source of
increased client engagement and satisfaction serving 38 million
digital clients, including 29 million active mobile users. During
the third quarter of 2019, digital clients logged into their
accounts 2 billion times and used digital to make 138 million bill
payments and book 613,000 appointments.
Bank of America Bank 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
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,400
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 1,900 business centers;
approximately 16,600 ATMs; and award-winning digital banking with
38 million active users, including 29 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 approximately 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
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Bank of America, N.A. Member FDIC © 2019 Bank of America
Corporation.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20191211005345/en/
Reporters May Contact: Andy Aldridge, Bank of America,
980.387.0514 andrew.aldridge@bofa.com
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