Mobile Servicing Chat Launched by Erica to Answer Financial Queries

Ericais a widely available virtual financial assistant, bank of america client. Since its official launch in 2018, the artificial intelligence (AI)-powered technology has helped nearly 32 million clients with their everyday financial needs.

Erika defines how Bank of America delivers personalization and individualization to clients at scale. David Tilly, Chief Digital Officer and Global Marketing Officer, Bank of America. “By continuing to evolve Erica’s capabilities and providing clients with the fastest route to the answers they need about their financial lives, we expect the next billion dollars to come even faster.”

Since its launch, Erica has expanded to include new features and functionality:

• Clients view 37 million proactive insights to review their finances, reduce recurring subscription fees that may have unexpectedly increased, receive merchant reimbursements, and reduce bills. It helped me figure out what was duplicated and what was done.
• Over 4 million proactive notifications of Preferred Rewards eligibility enabled clients to enroll in the program and enjoy benefits.
• 60M Spend Path insights helped clients understand their finances with a weekly snapshot of their spending.
• Over 98% of our clients use Erica to get the answers they need. In September 2022, the bank will launch Mobile Service Chat by Erica, connecting clients to her live chat with a representative to answer more complex service questions, and already she has over 170,000 chats. was done.
• Scheduled for the first half of 2023, Erika will connect customers with financial experts when they have questions about new products and services such as mortgages, credit cards and savings accounts.

For more than a decade, Bank of America has invested more than $3 billion annually in new technology initiatives, including a seamless user experience and industry-leading technology for clients banking online or on mobile devices. This includes a significant investment in AI that will allow us to deliver the personalization that we want. Aditya BasinChief Technical Information Officer.

“Erica’s continued investment in AI-powered capabilities allows us to respond quickly to voice, text chat, or on-screen interactions from clients who need assistance with financial transactions, providing personalized and personalized solutions at key moments.” We can proactively offer insight and advice.

As Erica’s capabilities have grown, so has her ability to assist clients throughout their banking, lending and investment relationships with Bank of America. Merrill corner, Bank of America Private Bank When advantage online.

Erica also supports Merrill clients through insights into portfolio performance, trades, investment balances, quotes and holdings and helps connect clients to Merrill advisors. In addition, a banker at Bank of America who supports her clients in business uses her BankerAssist, her AI virtual assistant powered by Erica’s underlying technology, to identify and close new opportunities, We manage exposures and use real-time data to drive conversations with our clients.

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Discussing how Erica demonstrates the potential benefits provided by virtual assistants, Sanjeev KumarVP EMEA at Boost.ai“The success and longevity of Bank of America’s virtual financial assistant Erica highlights the transformative impact virtual agents can have on financial institutions.

The number of customers using online banking has increased exponentially, especially during the covid-19 pandemic. As a result, banks have ensured that they are providing the best possible service to their customers online. and this service relies on the use of virtual assistants underpinned by an agile conversational AI platform.

With the right expertise and in-house training, companies across the BFSI sector will be able to delegate most customer inquiries to virtual agents, allowing human employees to handle more complex requests. In addition to helping customers, virtual agents have the added benefit of enabling bank staff to more quickly find the information they need in their internal queries.