Bank of America’s Erica® Completes More Than 50 Million Client Requests in First Year
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 Banking
Bank 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 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 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.
Bank of America, N.A. Member FDIC © 2019 Bank of America Corporation.