Bank of America announced Wednesday (Oct. 12) that its virtual financial assistant Erica has surpassed 1 billion interactions with clients.
“Erica is the definition of how Bank of America is delivering personalization and individualization at scale to our clients,” David Tyrie, the bank’s Chief Digital Officer and Head of Global Marketing, said in a news release.
“We expect the second billion to come even more quickly as we continue to evolve Erica’s capabilities, providing clients with the shortest route to the answers they need about their financial lives.”
The bank said Erica, an artificial intelligence-powered tool that debuted in 2018, has expanded over the years to offer new functionality and features, with more than 98% of customers using the service.
Last month, Bank of America debuted Mobile Servicing Chat by Erica to connect clients for a live chat with representatives to handle more complex servicing questions. So far, more than 170,000 chats have taken place, the release said.
In the first half of next year, Erica will connect clients to financial specialists for questions about new products and services, like mortgages, credit cards or deposit accounts.
In August, Bank of America said it was planning to up its technology spending and expand electronic banking after seeing a record number of customers logging into digital channels in July and the second quarter.
During that quarter, customers logged in to the bank’s electronic platforms 2.8 billion times — an 11% increase year over year. In July, customers logged in to the bank’s digital channels 1 billion times, the highest month on record. Meanwhile, the bank has a record 55 million verified digital clients, up 5% year over year.
It’s not just retail users who prefer digital banking. As PYMNTS noted in August — citing a BofA study — 85% of small business customers are using digital channels, while digital engagement has risen by 15% from last year. This increased use translates to an increasing share of sales coming via online channels. The report noted that small business digital sales are now up 300% versus pre-2020 levels and account for close to 50% of total sales.