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BofA marks 1-year anniversary with Erica

May 30, 2019

Bank of America's Erica® Completes More Than 50 Million Client Requests in First Year

Virtual Financial Assistant Surpasses 7 Million Users

In June, Bank of America will mark the first full year since the rollout of its virtual assistant, Erica, which now serves 7 million clients. According to press release from the bank, Erica assists an average of 150,000 clients per week.

Since rolling out nationwide, Erica has:

• Completed more than 50 million client requests, using artificial intelligence, predictive analytics and natural language processing.

• Been engaged by an average of more than 500,000 new users per month.

• Doubled the number of ways in which clients can ask financial questions – from 200,000 at launch to more than 400,000 today.

Erica has assisted clients across generations, including Gen Z (15%); millennials (49%); Gen X (20%); and baby boomers and seniors (16%), the bank said.

Next month, BofA will launch a new insight from Erica, Balance Watch, which provides notification from Erica when a client's typical spending has the potential to take their balance below $0 within the next seven days.

"The personalized, proactive and predictive nature of Erica's guidance is what will continue to make the solution unique and powerful," David Tyrie, head of advanced solutions and digital banking at Bank of America, said in the release. "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."