Artificial Intelligence

Bank Of America’s AI Assistant Surpasses 1M Users

Bank of America announced Tuesday (June 12) that Erica, its AI voice-activated virtual financial assistant that is available through its mobile banking app, has surpassed one million users.

In a press release, Bank of America said the milestone was achieved within two months of completing the phased rollout of Erica, which is now 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.”

According to Bank of America, Erica melds artificial intelligence, predictive analytics and natural language to serve as a virtual financial assistant. Customers can interact with Erica via texting, talking or tapping options on a screen. Erica has mainly been used to search for transactions, view balances and bills, and obtain credit scores and account numbers, the bank noted.

In addition to making Erica available on a nationwide basis, Bank of America said more features are being added to the mobile banking app. Some of those include the ability to explore products and services as soon as the app is downloaded, a new chat option that connects consumers directly to a specialist, a new digital wallet functionality that enables clients to add and instantly approve a credit card to their digital wallet, and mobile enrollment in Business Advantage Relationship Rewards, which provides the ability to research, compare benefits and enroll.

The bank noted that it has more than 36 million digital clients, including 25 million active mobile users. During the first quarter of this year, mobile banking clients logged into their accounts 1.4 billion times, made 140 million bill payments and deposited 33 million checks via mobile.

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