- Since launching in 2018, Erica® has helped nearly 32 million Bank of America clients manage their financial lives
October 12, 2022
By Highpoint Digest News
Charlotte, NC – (Highpoint Digest) – Erica, the most advanced and first widely available virtual financial assistant, has surpassed 1 billion interactions with Bank of America clients. The award-winning technology, powered by artificial intelligence (AI), officially launched in 2018 and has since helped nearly 32 million clients with their everyday financial needs.
| “Erica is the definition of how Bank of America is delivering personalization and individualization at scale to our clients,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “We expect the second billion to come even more quickly as we continue to evolve Erica’s capabilities, providing clients with the shortest route to the answers they need about their financial lives.” |
Since its launch, Erica has expanded to include new features and functionality:
- Clients viewed 37 million proactive insights to help them review their finances and cut recurring subscription charges that may have increased unexpectedly, know when they’ve received a merchant refund, or have duplicate charges.
- More than 4 million proactive notifications about eligibility for Preferred Rewards have helped clients enroll in the program and enjoy the benefits.
- 60 million Spend Path insights have helped clients understand their finances with a weekly snapshot of spending.
- More than 98% of clients get the answers they need using Erica. In September 2022, the bank launched Mobile Servicing Chat by Erica to connect clients for a live chat with representatives to answer more complex servicing questions, with more than 170,000 chats having already taken place
- Coming in the first half of 2023, Erica will connect clients to financial specialists when they have questions about new products and services, such as a mortgage, credit card or deposit account.
| “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,” explains Aditya Bhasin, Chief Technology & Information Officer. “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.” |
As Erica’s capabilities have grown, so has its ability to help clients across their entire banking, lending and investing relationship with Bank of America, including Merrill Edge, Bank of America Private Bank and Benefits Online. Erica also supports Merrill clients through insights on portfolio performance, trading, investment balances, quotes and holdings and can help connect clients to a Merrill advisor. Additionally, bankers who support business clients at Bank of America use BankerAssist, an AI virtual assistant leveraging the underlying technology of Erica, to identify and close new opportunities, manage exposure and use real-time data to further client conversations.
Erica logo
Erica Over the Years Timeline
- June 2018 – Erica launches
- July 2018 – Erica surpasses 2M users
- October 2018 – Erica proactive insights launch
- November 2018 – Erica surpasses 4M users
- May 2019 – Erica handles 50M client requests
- October 2019 – New mobile app includes Erica updates
- December 2019 – Erica surpasses 10M users
- March 2020 – Erica learns over 60,000 Coronavirus-related terms
- August 2020 – Integration with Merrill
- October 2020 – BankerAssist launch
- August 2021 – 430M interactions; 21M clients
- October 2022 – 1B interactions; Averaging 1.5 million interactions per day ; 32M clients
Source: Bank of America
Photos and images courtesy of Bank of America
