Bank of America’s AI-Powered Assistant Erica, Reaches 7 Million Users
Bank of America (BOA) has announced that its AI-driven Intelligent Assistant has acquired seven million users and 50 million client requests. The 7 million users engage in a variety of tasks with Erica, from daily banking queries to advanced financial tasks. Erica’s popularity drives 500,000 new users to the platform every month.
“The personalized, proactive and predictive nature of Erica’s guidance is what will continue to make the solution unique and powerful,” said David Tyrie, the head of advanced solutions and digital banking at Bank of America. “It’s been a solid first year, but we’re just beginning to scratch the surface of Erica’s full potential to transform the client experience and help them live their best financial lives.”
BOA also doubled the answers that Erica can answer based on leveraging AI models and listening to everyday customer interactions. Erica can now answer 400,000 questions as compared to its launch when the platform was pre-loaded with answers to about 200,000 questions that customers are most likely to ask.
“Since launching Erica’s proactive insights late last year to give clients greater visibility into their full financial picture, daily engagement with the solution has doubled. On average, 150,000 clients now tap on the insights proactively shared by Erica each week,” the bank said in a release. “Throughout the remainder of 2019 and beyond, Bank of America will continue to expand and refine Erica’s capabilities to provide clients further insights and guidance on optimizing cash flow, managing debt, monitoring transactions, capitalizing on savings opportunities and balancing competing priorities to reach critical financial goals.
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“Recent developments include new insights introduced in March and a Balance Watch insight launching next month, through which Erica will notify clients when typical spending has the potential to take their balance below $0 in the next seven days,” the release continued.
Here is a by-generation breakdown of Erica’s users –
- 15 percent from Gen Z
- 49 percent from millennials
- 20 percent from Gen Xers
- 16 percent from baby boomers
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