Continues Track Record of Digital Leadership as First Widely Available AI-Driven Virtual Assistant in Financial Services Reaches Milestone
Bank of America today announced that it has surpassed 1 million users on Erica, the first widely available AI-driven virtual assistant in financial services, available to clients in its mobile banking app. The milestone was reached within two months of completing its phased rollout, making Erica available to mobile clients nationwide.
“Our clients are increasingly asking for mobile services that make their lives easier, and Erica is becoming a growing choice for its convenience and personal solutions,” said Michelle Moore, head of digital banking at Bank of America. “As we continue to advance our work on AI-driven developments, it is important that we listen to our users today and further enhance Erica to align to client feedback to better meet and anticipate needs.”
Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to clients, who can interact with Erica any way they choose, including texting, talking or tapping options on their screen. Users have primarily used Erica to search for transactions, view balance information and bills, get their credit scores and their account numbers. This latest milestone reflects the bank’s continued focus on providing industry-leading digital capabilities as part of its high-tech, high-touch client experience.
Additionally, this week more features will be available through the Mobile Banking app that offer clients further convenience and personalization. These features include:
- Enhanced shopping – consumers can more easily explore products and services immediately after downloading the mobile app.
- Mobile onboarding – a guided experience for new clients to easily enable fingerprint or FaceID, enroll in alerts and e-statements, and learn more about services such as mobile check deposit, BankAmeriDeals® and Zelle.
- New chat experience – a chat option directly connecting consumers to a specialist to help with the checking and saving application within the mobile app.
- New digital wallet functionality – provides clients ability to add an instantly approved credit card to their digital wallet immediately.
- Mobile enrollment in Business Advantage Relationship Rewards – provides ability to research, compare benefits, and enroll; also recognizes and immediately determines eligibility and rewards.
Erica is the most recent innovation introduced to Bank of America consumer and small business clients adding to the growing list of capabilities including the Digital Mortgage Experience™, mobile car shopping tool, Merrill Edge® Guided Investing, and Business Advantage Relationship Rewards.
Bank of America was also an early leader with Zelle, as one of the first banks to incorporate the full features of the experience in 2017. As the cashless trend accelerates, Bank of America continues to see record-breaking growth with more than 3.5 million active Zelle users. In April alone, Bank of America processed nearly 11 million transactions, up 139 percent from the prior year, which totaled more than $3 billion.
Bank of America’s Mobile Banking Leadership
Bank 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 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 client 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.
Source: Bank of America