Bank of America’s Erica® Climbs to 4 Million Users

The AI-Driven Virtual Financial Assistant Continues to Play a Key Role in the Delivery of New Advancements Across The Digital Platform

November 9, 2018 at 5:12 PM Eastern

Bank of America today announced that its artificial intelligence (AI)-driven virtual financial assistant, Erica, now has more than 4 million users. Since its client launch which completed in June, Erica has helped clients with over 15 million requests. Top requests include searching past transactions, viewing account and routing numbers, sending money with Zelle^®, paying bills, managing credit and debit cards, and contacting a specialist.

This latest milestone follows our recent introduction of Erica Insights, providing clients even more personalized and proactive guidance,” said David Tyrie, head of Advanced Solutions and Digital Banking at Bank of America. “We continue to grow our AI solution based on every client interaction, and offer new digital capabilities that deliver product innovation and security. Our latest digital update alone consisted of several new advances.”

Erica Insights started rolling out to clients in October, giving users greater visibility into their full financial picture. Features at launch included Spend Path, displaying a weekly snapshot of month-to-date spending; FICO^® Score Tracker, alerting clients to important month-to-month changes in FICO^® scores; Subscription Monitor, flagging upcoming recurring charges; and credit card bill reminders, to help clients stay ahead of upcoming Bank of America credit card payments due.

In the coming weeks, Erica will help the bank’s employees and clients tackle even more complex tasks through new Insights, including:

Enhanced bill reminders – Reminds clients of all upcoming Bank of America bills and third party eBills, including credit cards, home and auto loans, utilities, and retail, and enables them to make or schedule payments prior to due dates.
Client service enhancements – Expanded ability to help address routine account inquiries, including day-to-day questions on charges and activity. For more in-depth matters, Erica will route clients to the appropriate Bank of America specialist without the need to reauthenticate.
Amount tracker – Alerts clients to increases in recurring payments and subscription charges, allowing them to take immediate action. Erica even takes into account seasonal variations for charges like utility bills.

With the holiday season quickly approaching, here are a few ways clients can use Erica to save time and money:

Staying on budget with Spend Path – Clients can set a budget and Erica can help them keep track of their spending by category, account or merchant.
Gifting through Zelle^® – Holiday gifting just got easier. With Bank of America’s person-to-person payment (P2P) service Zelle, Erica can help clients send money in minutes or split the cost of a group gift or holiday dinner.
Cashing in on holiday deals – Erica can show clients the latest BankAmeriDeals® to easily earn up to 15 percent cash back at participating retailers while on the go.
Keeping your wallet safe – If clients suspect suspicious activity or misplace their cards, Erica can easily lock debit and credit cards to keep account information secure.

Bank of America’s 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 26 million active mobile users. Its award-winning mobile app was the first to receive J.D. Power’s certification for “An Outstanding Mobile Banking Customer Experience.” During the third quarter of 2018, mobile banking clients logged into their accounts 1.4 billion times, made 137 million bill payments and deposited 33 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 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 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.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

www.bankofamerica.com

Transactions typically occur in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle. Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

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Reporters May Contact:
Jumana Bauwens, Bank of America
Phone: 1.213.345.9134
jumana.bauwens@bofa.com

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