22nd May 2018

Bank of America launches AI–driven virtual financial assistant

Bank of America is rolling out the first widely available AI-driven virtual assistant of its kind in financial services, Erica, to its 25 million mobile clients.

This latest innovation reflects the bank’s continued investment in digital capabilities as part of its high-tech, high-touch client experience, including the Digital Mortgage Experience™, mobile car shopping tool, Merrill Edge® Guided Investing, and Business Advantage.

Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to clients. Currently, clients can ask Erica to:
• Search for past transactions, such as checks written or shopping activity, across any one of their accounts.
• Increase awareness about their credit scores and connect them to information that will help them learn about money management through Better Money Habits®.
• Navigate the app and access key information, such as routing numbers or the closest ATM or financial centre.
• Schedule face-to-face meetings with more than 25,000 specialists in our financial centres.
• View bills and schedule payments.
• Lock and unlock debit cards.
• Transfer money between accounts or send money to friends and family with Zelle®.

Erica is designed to learn from clients’ behaviours over time, helping them accomplish simple to complex tasks within the mobile banking app with easy-to-follow prompts. Clients can interact with Erica any way they choose, including texting, talking or tapping options on their screen.

“Erica’s knowledge of banking and financial services increases with every client interaction,” said Aditya Bhasin, head of consumer and wealth management technology at Bank of America. “In time, Erica will have the insights to not only help pay a friend or list your transactions at a specific merchant, but also help you make better financial decisions by analysing your habits and providing guidance.”