Bank of America has introduced a new AI-driven virtual assistant called Erica, which will assist in the bank’s financial services for its 25 million mobile customers. The assistant blends artificial intelligence, predictive analysis, and natural language. Customers will be able to use voice, text, or touch to give commands. This recent innovation from the bank reveals a continued effort to add digital capabilities to its high-touch, high-tech client experience, that includes mobile car shopping tool, Digital Mortgage Experience, Business Advantage, and Merrill Edge Guided Investing.
Erica can be used to look up past transactions across accounts, for navigating the app, accessing key information, scheduling in-person meetings in financial centers, view bills, transfer or send money, schedule payments and, lock and unlock debit cards.
“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 virtual assistant is supposed to learn from customer behavior and evolve over time. “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 upcoming months, Erica will be able to handle more complex tasks like sending proactive notifications to clients about upcoming bills and payments, identifying ways for customers to save, managing credit and debit cards, displaying upcoming subscription charges, and monitoring transaction history and changes.