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Bank of America is rolling out an AI-driven virtual assistant of its kind in financial services, Erica, to its 25 million mobile clients.
“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, in a statement. “Erica delivers on this in many ways, from making it easy for clients to find what they are looking for to providing new & 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.”
Erica combines the latest technology in AI, predictive analytics & 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 & connect them to information that will help them learn about money management through Better Money Habits.
- Navigate the app & 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.
- View bills & schedule payments.
- Lock & unlock debit cards.
- Transfer money between accounts or send money to friends & 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.
