Bank of America’s Erica® Completes More Than 50 Million Client Requests in First Year
May 28 2019 - 1:00PM
Business Wire
Virtual Financial Assistant Surpasses 7 Million
Users
Bank of America today announced that its virtual assistant,
Erica, is already helping more than 7 million clients stay on top
of their finances through the company’s award-winning mobile app.
Since its nationwide rollout in June 2018, Erica has:
- Completed over 50 million client
requests – from everyday banking activities to more complex tasks –
through the latest in artificial intelligence (AI), predictive
analytics and natural language processing.
- Been engaged by an average of more than
500,000 new users per month.
- Doubled the various ways in which
clients can ask financial questions – from 200,000 at launch to
more than 400,000 today – through the ongoing expansion of
conversational knowledge.
- Assisted clients across generations,
including 15 percent from Gen Z, 49 percent millennials, 20 percent
Gen X and 16 percent baby boomers/seniors.
“The personalized, proactive and predictive nature of Erica’s
guidance is what will continue to make the solution unique and
powerful,” said David Tyrie, 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.”
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.
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.
For more information about key milestones during Erica’s first
year, click here.
About Bank of America Digital BankingBank of America’s digital
banking platform is an evolving source of increased client
engagement and satisfaction serving more than 37 million digital
clients, including more than 27 million active mobile users. Its
award-winning mobile app and online banking were the first to
receive J.D. Power’s certification for “An Outstanding Customer
Experience.” During the first quarter of 2019, clients logged into
mobile 1.5 billion times and deposited 34 million checks via
mobile. To learn more about Bank of America’s digital offerings
visit bankofamerica.com.
Bank of AmericaBank 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
66 million consumer and small business clients with approximately
4,400 retail financial centers, including approximately 1,800
lending centers, 2,200 financial centers with a Consumer Investment
Financial Solutions Advisor, and 1,500 business centers;
approximately 16,400 ATMs; and award-winning digital banking with
more than 37 million active users, including over 27 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 approximately 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email
alerts.
www.bankofamerica.com
Bank of America, N.A. Member FDIC © 2019 Bank of America
Corporation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190528005646/en/
Reporters May Contact:Betty Riess, Bank of America,
415.913.4416betty.riess@bankofamerica.comMatt Card, Bank of
America, 617.434.1388matthew.card@bankofamerica.com
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