Since launching in 2018, Erica® has helped
nearly 32 million Bank of America clients manage their financial
lives
CHARLOTTE, N.C., Oct. 12,
2022 /PRNewswire/ -- 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.
Download the Bank of America app or
visit bankofamerica.com.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 67 million consumer and small business clients with
approximately 4,000 retail financial centers, approximately
16,000 ATMs and award-winning digital banking with
approximately 55 million verified digital users. Bank of America is
a global leader in wealth management, corporate and investment
banking and trading across a broad range of asset classes, serving
corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to
approximately 3 million small business households through a suite
of innovative, easy-to-use online products and services. The
company serves clients through operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock
Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Investing involves risk. There is always the potential of
losing money when you invest in securities.
Bank of America, Merrill, its affiliates, and financial advisors
do not provide legal, tax, or accounting advice. You should consult
your legal and/or tax advisors before making any financial
decisions.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also
referred to as "MLPF&S" or "Merrill"), makes available certain
investment products sponsored, managed, distributed or provided by
companies that are affiliates of Bank of America Corporation ("BofA
Corp."). MLPF&S is a registered broker-dealer, registered
investment adviser, Member SIPC and a wholly owned subsidiary of
BofA Corp.
Investment products:
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Are Not FDIC Insured
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Are Not Bank Guaranteed
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May Lose Value
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Reporters May Contact:
Andy Aldridge, Bank of
America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation