Bank of America (BoA) is introducing new features for its virtual financial assistant Erica, which has over 10 million users since launching nationwide last year, the company said in a press release on Wednesday (Dec. 11).
BoA’s mobile app provides consumers with personalized finance guidance. Powered by artificial intelligence (AI), Erica is tracking to carry out 100 million client requests within a matter of weeks as new features are introduced.
Erica’s new capabilities include Refund Confirmation Insight, which lets users know when a merchant refund is posted and available for use.
“Erica is ushering in a new era of personalized banking and providing our clients with never-before-possible convenience,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Our high-tech capabilities, together with our high-touch approach, deliver a more intuitive and efficient banking experience for our clients across all channels.”
The virtual assistant also provides additional information for consumers who are enrolled in its Preferred Rewards program, which identifies the merit of a client’s total association with BoA. Erica alerts customers when they are eligible for the program and helps them enroll. The assistant also lets people know when they are within $10,000 of the next rewards level and offers qualification details. There are currently six million Preferred Rewards members who are eligible for a variety of perks.
“Whether it’s Erica, Preferred Rewards or mobile banking and investing, we’re providing clients [with] the technology, benefits and resources to help them reach their financial goals – meeting them where they are, and through the channels they prefer,” added Tyrie.
Next year, Erica will offer New Card Merchant List Assistance, which gives customers a rundown of merchants and subscriptions that use the card, making it easier to update the information when a replacement card is issued. Duplicate Merchant Charges Insight lets customers know if they were charged more than once for a purchase.
In November, BoA announced it was partnering with a FinTech to develop a new cash-flow forecasting solution for its corporate customers. Its CashPro Forecasting IQ solution is being rolled out after a successful proof of concept. The solution deploys machine learning technology to enhance the accuracy of cash flow predictions.