⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

BofA's Erica Surpasses 2 Billion Interactions, Helping 42 Million Clients Since Launch

Published 04/08/2024, 09:18 PM
© Reuters.
BAC
-

Clients engage with the company's virtual assistant 2 million times per day for help with everyday financial needs, and the occasional joke

CHARLOTTE, N.C., April 8, 2024 /PRNewswire/ -- More than 2 billion since 2018. That's how many interactions Bank of America clients have had with Erica ®, the most advanced and first widely available virtual financial assistant, since it launched. It took four years to reach 1 billion interactions, since which client engagement has surged, reaching a second billion just 18 months later.

"Erica acts as both a personal concierge and mission control for our clients," said Nikki Katz, Head of Digital at Bank of America. "Erica meets clients where they are and when they need us, and has become a true guide by their side."

Over the last six years, Erica's capabilities have expanded to support individual and corporate clients across the enterprise, including within Merrill, Benefits OnLine ®, and the award-winning CashPro ® platform.

"Erica is a great example of applied innovation in language processing and predictive analytics to deliver a valuable and empowering client experience," shared Hari Gopalkrishnan, CIO and Consumer, Business & Wealth Management Technology executive at Bank of America.

To date, Erica has responded to 800 million inquiries from over 42 million clients and provided personalized insights and guidance over 1.2 billion times. For example:

  • Out of more than 30 proactive insights Erica provides to clients, the top insights include:
    • Monitoring and managing recurring subscriptions “ 2.6 million per month
    • Helping clients understand spending behaviors “ 2.2 million per month
    • Keeping clients informed about deposits and refunds “ 2.1 million per month
  • When clients ask Erica for assistance, common inquiries include:
    • Requesting an account number or routing number “ 1.7 million per month
    • Finding transactions “ 1.5 million per month
    • Assistance with money transfers and bill pay “ 900,000 per month
  • More than 98% of clients get answers they need from Erica within 44 seconds, on average. When further assistance is needed, Bank of America's Mobile Servicing Chat capability connects clients with a live representative who can answer more complex servicing questions.

Just like the 213,000 teammates at Bank of America, fostering a personal relationship with clients is a priority for Erica. For example:

  • Erica has sent birthday wishes to over 7,000 clients since launch.
  • Erica also has a sense of humor, sharing more than 30 jokes with clients 49,000 times to date. For instance, "What did the duck say to the bartender? Put it on my bill."
  • In February 2024, Erica helped clients get the most out of their next coffee date by alerting them to the new partnership between Bank of America and Starbucks (NASDAQ:SBUX).

"Our data science team has made more than 50,000 updates to Erica's performance since launch “ adjusting, expanding and fine-tuning natural language understanding capabilities, ensuring answers and insights remain timely and relevant," said Katz. "2 billion client interactions is a compelling milestone though this is only the beginning for Erica."

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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 A™s (automated teller machines) and award-winning digital banking with approximately 57 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 4 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 more than 35 countries. Bank of America Corporation (NYSE:BAC) stock is listed on the New York Stock Exchange (NYSE: BAC).

Zelle and the Zelle-related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

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.

Reporters May Contact:  
Andy Aldridge, Bank of America
Phone: 1.980.387.0514  
andrew.aldridge@bofa.com    

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.