Bank of America has introduced artificial intelligence (AI)-based virtual financial assistant called Erica to help its customers with their financial needs.
The new solution, which will cater to the bank’s 25 million mobile clients, is the latest digital offering by Bank of America following the introduction of Digital Mortgage Experience, Merrill Edge Guided Investing and Business Advantage.
The roll-out of Erica is scheduled to continue through to June this year.
Bank of America digital banking head Michelle Moore said: “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.
“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 personalised solutions at scale by providing insights, such as how you can improve your credit score or create a budget.”
Erica utilises artificial intelligence, predictive analytics and natural language to search past transactions on every accounts, determine credit scores as well as help in navigating the app and locate nearest ATMs and financial centres for the user.
It can also be used to view bills and schedule payments; arrange face-to-face meetings with Bank of America’s specialists; transfer money with Zelle and lock and unlock debit cards.
The solution is designed to learn from the clients’ behaviour to offer customised service.
The user can interact with Erica by texting, talking as well as tapping options on screen.
In the following months, Erica will be upgraded to provide notifications to clients about upcoming bills and payments, determining client spending information and advis them on saving.