Since launching five years ago, Erica® has
helped over 37 million Bank of America clients manage their
finances
CHARLOTTE, N.C., July 13,
2023 /PRNewswire/ -- Erica, the most advanced and
first widely available virtual financial assistant, has surpassed
1.5 billion interactions with Bank of America clients. Since
launching in June 2018, more than 37
million clients have engaged Erica to help manage their financial
needs.
"Erica's controlled AI has become a primary gateway to
personalization, and it continues to evolve with our clients'
financial needs," said David Tyrie,
Chief Digital Officer and Chief Marketing Officer at Bank of
America. "It took four years to reach the first billion
interactions, but client engagement with Erica is accelerating, and
it will easily exceed 2 billion within a few months. Our clients
appreciate how simple and intuitive Erica is, and they trust it's
only using proprietary, vetted data."
So far in 2023, clients have engaged with Erica more than 333
million times, up 35% year-over-year. Last year, clients spent more
than 3 million hours interacting with Erica, up 31%
year-over-year.
Since launching five years ago, the award-winning virtual
assistant has evolved to help clients with a variety of everyday
guided servicing requests including accessing account information,
transferring money between accounts, sending money to friends and
family, and finding a nearby financial center or ATM. Erica has
also developed intelligent call routing capabilities to seamlessly
connect clients to specialists for more complex financial
needs.
Clients are currently engaging with Erica 56 million times per
month. Personalized and proactive insights now account for more
than 60% of engagement, with clients most often using Erica to:
- Monitor and manage their subscriptions, such as food services
and gym memberships – 3.6 million times per month
- Understand spending habits – 2.1 million times per
month
- Stay informed of merchant refunds – 863,000 times per
month
- Stay on top of upcoming bills – 332,000 times per
month
- Check their FICO score – 267,000 times per
month
More information on how Bank of America clients are engaging
with digital banking is available in the bank's quarterly Trends in
Digital fact sheet.
Download the Bank of America app or
visit bankofamerica.com.
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 68 million consumer and small
business clients with approximately 3,900 retail financial centers,
approximately 15,000 ATMs and award-winning digital banking
with approximately 56 million verified digital 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
households 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
and register for news email alerts.
Reporters May
Contact:
Andy Aldridge
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation