Artificial Intelligence

Erica — BoA’s AI Assistant — Hits 7M Users

Erica, BoA’s AI Assistant, Hits 7M Users

Bank of America announced on Tuesday (May 28) that its AI-powered virtual assistant Erica has surpassed seven million users and 50 million client requests, the bank said in a release.

“The personalized, proactive and predictive nature of Erica’s guidance is what will continue to make the solution unique and powerful,” said David Tyrie, the head of advanced solutions and digital banking at Bank of America. “It’s been a solid first year, but we’re just beginning to scratch the surface of Erica’s full potential to transform the client experience and help them live their best financial lives.”

The tasks range from everyday banking needs to more complex banking activities. Every month, Erica is engaged by an average of half a million new users.

Bank of America also said it doubled the ways customers can ask questions, from 200,000 at Erica’s launch to 400,000, by learning from everyday conversations with customers.

The generational breakdown for Erica’s use is 15 percent from Gen Z, 49 percent from millennials, 20 percent from Gen Xers and 16 percent from baby boomers.

“Since launching Erica’s proactive insights late last year to give clients greater visibility into their full financial picture, daily engagement with the solution has doubled. On average, 150,000 clients now tap on the insights proactively shared by Erica each week,” the bank said in the release. “Throughout the remainder of 2019 and beyond, Bank of America will continue to expand and refine Erica’s capabilities to provide clients further insights and guidance on optimizing cash flow, managing debt, monitoring transactions, capitalizing on savings opportunities and balancing competing priorities to reach critical financial goals.

“Recent developments include new insights introduced in March and a Balance Watch insight launching next month, through which Erica will notify clients when typical spending has the potential to take their balance below $0 in the next seven days,” the release continued.

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