The Bank of America Corporation (commonly referred to as Bank of America; often abbreviated as BofA or BoA) is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
In May 2018, Bank of America was rolling out the first widely available AI-driven virtual assistant of its kind in financial services, Erica, to its 25 million mobile clients. This latest innovation reflects the bank’s continued investment in digital capabilities as part of its high-tech, high-touch client experience, including the Digital Mortgage Experience™, mobile car shopping tool, Merrill Edge® Guided Investing, and Business Advantage.
Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to clients. Currently, clients can ask Erica to:
- Search for past transactions, such as checks written or shopping activity, across any one of their accounts.
- Increase awareness about their credit scores and connect them to information that will help them learn about money management through Better Money Habits®.
- Navigate the app and access key information, such as routing numbers or the closest ATM or financial center.
- Schedule face-to-face meetings with more than 25,000 specialists in our financial centers.
- View bills and schedule payments.
- Lock and unlock debit cards.
- Transfer money between accounts or send money to friends and family with Zelle®.
Erica is designed to learn from clients’ behaviors over time, helping them accomplish simple to complex tasks within the mobile banking app with easy-to-follow prompts. Clients can interact with Erica any way they choose, including texting, talking or tapping options on their screen.
Bank of America began piloting this technology with its employees in late 2017 and started rolling it out to clients in March 2018. Since its development, the bank:
- Integrated more than 200,000 different ways for clients to ask financial questions.
- Added new functionality based upon client patterns and behaviors.
- Expanded Erica’s conversational knowledge, including the ability to engage clients with salutations and well wishes, such as “happy birthday”.
- Implemented a real-time feedback capture to inform future enhancements.
According to businesswire.com; en.Wikipedia. Source of photo: internet