PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Introducing Erica® Insights: Bank of America’s AI-Driven Virtual Financial Assistant Just Got Smarter

Latest Features Allow Clients to Better Manage Spending Habits, Track Credit Rating and Monitor Subscriptions

PaymentsJournal by PaymentsJournal
October 23, 2018
in Artificial Intelligence, Press Releases
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Bank of America today announced a series of new features to its artificial intelligence (AI)-driven virtual financial assistant, Erica, to help clients tackle more complex tasks and provide personalized, proactive guidance to help them stay on top of their finances.

The latest enhancements to Erica are all about giving our 26 million mobile users more insight into their full financial picture,” said Michelle Moore, head of digital banking at Bank of America. “When we piloted these new offerings, we received overwhelming feedback. Many reported that Erica helped them save a significant amount of money; for example, Erica alerted them of unwanted subscription charges they did not even realize they had.”

Erica’s initial insights will include:

  • Spend Path: Provides a weekly snapshot of month-to-date spending.
  • FICO® Score Tracker: Helps to track important month-to-month changes to FICO® scores.
  • Subscription Monitor: Flags upcoming recurring charges.
  • Credit card bill reminders: Sends alerts for upcoming Bank of America credit card payments due.

“Our AI engine was built to evolve with our clients,” explains Aditya Bhasin, head of Consumer, Small Business and Wealth Management Technology for Bank of America. “Since the launch, we’ve integrated more than 200,000 different ways for clients to ask financial questions and expanded Erica’s conversational knowledge. We are introducing this new suite of more complex capabilities based on insights, behaviors and real-time feedback from millions of Erica users.”

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).

Bank of America continues to add updates and features to Erica based on client feedback. Michelle Moore and David Poole, head of Merrill Edge advisory client services and digital capabilities, will attend Money 20/20 in Las Vegas this week to discuss the future of Erica.

Tags: AIBank of AmericaChatbots
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023
    cross-border

    Cross-Border Trade is a Cinch with the Right Payments Partner

    May 18, 2023
    debit

    5 Reasons Merchants See Debit As
    Top-of-Mind for In-Store Sales

    May 17, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result