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
“Everything we do is based on what we hear from our clients: how they
want to interact with us and how we can make their financial lives
better,” said Michelle Moore, head of digital banking at Bank of
America. “Erica delivers on this in many ways, from making it easy for
clients to find what they are looking for to providing new and
interactive ways to do their banking using voice, text or gesture.
Through Erica, we are also delivering personalized solutions at scale by
providing insights, such as how you can improve your credit score or
create a budget.”
The bank recently surpassed 25 million mobile banking clients and began
rolling out Erica broadly across the country. The rollout will continue
through June. To view rollout updates, visit the interactive
Growing with clients over time
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 center.
Schedule face-to-face meetings with more than 25,000 specialists in
our financial centers.
View bills and schedule payments.
Lock and unlock debit cards.
Transfer money between accounts or send money to friends and family
Erica is designed to learn from clients’ behaviors 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
“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 analyzing your habits and providing guidance.”
In the coming months, Erica will be able to tackle more complex tasks,
Sending proactive notifications to clients about upcoming bills and
Displaying key client spending and budgeting information and advice on
ways to save.
Identifying ways for clients to save more.
Managing credit and debit cards to help notify clients of card changes.
Showing upcoming subscription charges and monitoring transaction
history and changes.
Learning from our clients
Bank of America began piloting this technology with its employees in
late 2017 and started rolling it out to clients in March of this year.
Since its development, the bank:
Integrated more than 200,000 different ways for clients to ask
Added new functionality based upon client patterns and behaviors.
Expanded Erica’s conversational knowledge, including the ability to
engage clients with salutations and well wishes, such as “happy
Implemented a real-time feedback capture to inform future enhancements.
To meet Erica and download multimedia, visit the Digital
Banking press kit.
Bank of America’s Digital Banking Leadership
Bank of America’s
digital banking platform is an evolving source of increased client
engagement and satisfaction serving more than 36 million digital
clients, including 25 million active mobile users. Its award-winning
mobile app was the first to receive J.D. Power’s certification for “An
Outstanding Mobile Banking Customer Experience.” During the first
quarter of 2018, mobile banking clients logged into their accounts 1.4
billion times, made 140 million bill payments and deposited 33 million
checks via mobile.
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. The company provides unmatched
convenience in the United States, serving approximately 47 million
consumer and small business relationships with approximately 4,400
retail financial centers, approximately 16,000 ATMs, and award-winning
digital banking with approximately 36 million active users, including 25
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a broad
range of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products and
services. The company serves clients through operations across the
United States, its territories and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York Stock
For more Bank of America news, including dividend announcements and
other important information, visit the Bank
of America newsroom. Click here to
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