Digital Banking

Bank of America virtual assistant Erica sees 1B interactions

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October 25, 2022

Bank of America is reporting that Erica, it's virtual financial assistant, has seen 1 billion interactions with clients. First launched in 2018, the AI assistant provides information to help clients understand their spending, find rewards programs and other services, according to a press release.

Key stats include:

• Clients viewed 37 million proactive financial insights.
• More than 4 million received notifications for Preferred Rewards.
• 60 million received Spend Path insights for weekly reports on their spending.
• More than 98% of customers were able to find the answers they needed with Erica.
• Next year Erica will help connect customers to financial specialists for specific needs.

"Bank of America has invested $3 billion or more on new technology initiatives each year for over a decade, including significant investments in AI that allow us to deliver a seamless user experience and industry-leading personalization for our clients banking online or on their mobile devices," Aditya Bhasin, chief technology and information officer, Bank of America, said in the release. "Our continued investment in Erica's AI-powered capabilities enables us to quickly respond to voice, text chat or on-screen interactions from clients who need assistance with financial transactions, and to proactively deliver personalized insights and advice at key moments."