Meet Erica, your new virtual financial assistant Erica is billed as the first widely available AI-driven virtual assistant in financial services, and is available for free within the Bank of America mobile app to more than 25 million mobile clients. Here’s what you need to know about her! What does Erica do?
Who is Erica? Erica is Bank of America’s powerfully-personal voice and chat-driven virtual financial assistant that resides within our Mobile Banking app. She has traits similar to other virtual assistants clients may be used to – but she’s specifically focused on helping with financial needs.
She’s amassed more than 1 million users just two months after wrapping a phased introduction that began in March. Erica is billed as the first widely available AI-driven virtual assistant in financial services, and is available for free within the Bank of America mobile app to more than 25 million mobile clients.
With Erica, the company hopes to help consumers create better money habits, said Michelle Moore, Bank of America’s head of digital banking. For example, Erica might send someone a predictive text: “Michelle, I found a great opportunity for you to reduce your debt and save you $300.”
Over time, Bank of America’s programmers will add new features and make Erica “smarter” thanks to the vast amount of data she will handle. Intelligent assistants have the potential to greatly improve customer experiences in banking, said Forrester analyst Peter Wannemacher.
Published reports indicate that Bank of America had to amass a team of 100+ people and over two years of effort to bring Erica to market – at an estimated cost of about $30 million. As Erica continues to scale, so will the investment.
How long does it take to receive money from Bank of America?
Recipients have 14 days to enroll to receive money or the transfer will be canceled.
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. Both are wholly owned subsidiaries of Bank of America Corporation.
1. The mobile feature, Erica, is only available in the English language. The feature requires that you download the latest version of the Mobile Banking app and is only available in the Mobile Banking app for select iOS and Android devices. Message and data rates may apply.
What is Bank of America?
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
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Launched earlier this year, Erica employs the latest technology in AI, predictive analytics and natural language to help clients better meet their financial needs. Erica recently surpassed more than 3.6 million users and has assisted with more than 12 million client requests to date. When seeking Erica’s assistance, 43 percent of users are interacting via text, closely followed by tap (32 percent) and voice recognition (25 percent).
Banking products are provided by Bank of America, N.A. , and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
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