News

BofA touts uptake of mobile banking solutions

July 16, 2018

Bank of America has announced that Erica, its artificial intelligence-driven virtual financial assistant, now has more than 2 million users. According to a press release, this is more than double the number of customers using the technology less than a month ago.

And that's not BofA's only recent mobile milestone: The number active users of the Zelle person-to-person payment feature in the bank's mobile app is now approaching 4 million. The release said that Zelle chalked up 35 million transactions worth $10 billion in Q2 — year-over-year increases of 143 percent and 118 percent, respectively — as more customers turn to cashless payments.

"We're thrilled to see such rapid adoption of our latest mobile enhancements," Michelle Moore, head of digital banking, said in the release. "We look forward to continuing to innovate and deliver new solutions based upon our clients' direct feedback to help our 25 million mobile clients better achieve their financial goals on their terms."

In fact, the bank is adding several new features to Erica in the coming months, including:

• Spend Path — provides a weekly snapshot of month-to-date spending.
• FICO Monitor — tracks notable month-to-month changes in FICO scores.
• Subscription Monitor — flags upcoming recurring charges.
• Credit card bill reminders — sends alerts for Bank of America credit card payments coming due.

Bank of America associates are actively piloting these enhancements, which will be made available to clients later this year, the release said.