Bank of America’s Erica® Surpasses 6 Million Users

March 21, 2019 at 9:00 AM Eastern

Bank of America today announced that Erica, its artificial intelligence (AI)-driven virtual financial assistant, has surpassed 6 million users and completed more than 35 million client requests. This milestone coincides with the introduction of a series of new features in the award-winning mobile app, including several new Erica insights that offer clients personalized, proactive guidance to help them stay on top of their finances.

“Since launching Erica’s proactive insights late last year, daily client engagement with Erica has doubled,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Consistent with our high-tech, high-touch strategy, we’ll continue evolving our best-in-class digital banking capabilities, including Erica, to provide clients relevant, timely guidance and help make managing their finances easier.”

Erica’s latest insights include:

  • Recurring charge increase flag notifies clients when a recurring charge or membership fee increases unexpectedly, enabling them to take action if needed. For example, clients can cancel a subscription, reduce an expense, or dispute an incorrect charge they may have otherwise missed. Erica even takes seasonal variations into account for charges such as utility bills.
  • Preferred Rewards informs clients when they are eligible for Preferred Rewards, highlights the benefits of the three-tiered membership program, and guides them through the simple enrollment process.
  • Enhanced bill reminders alerts clients of all upcoming Bank of America bills and third-party eBills, including credit cards, home and auto loans, utilities, and retail within five days of their due date, and helps them easily schedule payments. The insight also provides an integrated view of all scheduled and recently paid bills with associated payment information.

In addition to the latest Erica enhancements, Bank of America is giving clients more flexibility and security on daily spending. A new functionality within the mobile banking app allows clients to set, manage and control how much they spend on purchases or withdraw from an ATM each day.

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 36 million digital clients, including more than 26 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 fourth quarter of 2018, clients logged into mobile 1.5 billion times and deposited 36 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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 1,800 lending centers, 2,200 Merrill Edge investment centers and 1,500 business centers; approximately 16,300 ATMs; and award-winning digital banking with more than 36 million active users, including over 26 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 Exchange.

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Reporters May Contact:

Betty Riess, Bank of America
Phone: 415.913.4416