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BofA’s virtual assistant Erica surpasses 10 million users, introduces new capabilities

Bank of America has announced that its artificial intelligence (AI)-driven virtual financial assistant, Erica, has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks. These milestones coincide with the introduction of several new Erica insights within the bank’s mobile app that offer clients personalised, proactive guidance to help them stay on top of their finances.

“Erica is ushering in a new era of personalised banking and providing our clients never-before-possible convenience,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Our high-tech capabilities together with our high-touch approach deliver a more intuitive and efficient banking experience for our clients across all channels.”

The latest enhancements to Erica include a new Refund Confirmation Insight through which clients are proactively notified when a merchant refund is posted and available to use in their checking, savings or credit card accounts.

Erica also provides new insights for members of the bank’s Preferred Rewards programme, which recognises the value of a client’s entire relationship with the bank. In addition to alerting clients when they are eligible for the programme and guiding them through the enrolment process, Erica now proactively notifies members when they’re within US$10,000 of the next Rewards programme tier, enabling them to see how much more they could earn at the next tier and offering guidance on how to qualify. 

Additionally, the following enhancements to Erica will be introduced early next year:

  • New Card Merchant List Assistance: After receiving a replacement debit or credit card, Erica will proactively provide clients a list of merchants and subscription services where their card information may be stored, making updates easier. Clients can also ask Erica for a list of companies that have their card on file at any time.
  • Duplicate Merchant Charges Insight: Erica will alert clients when they may have been charged more than once for a purchase so they can take immediate action. Erica will then guide them through the process of filing a dispute when necessary.

The most mobile banking cities in the US

Bank of America has also revealed new insights into the adoption of mobile banking among its 29 million mobile clients across the US. Today, 60% or more of Bank of America clients in 17 major cities are actively using the company’s mobile experience.

  • Memphis, Tennessee, known as the home of the blues and birthplace of rock‘n’roll, now has another designation - Bank of America’s most mobile banking city, with nearly two-thirds (65%) of clients actively using the company’s mobile app. In the same state, Nashville takes the second spot with 64%.
  • Closely following are Atlanta, Charlotte, Dallas, Orlando, and Raleigh, North Carolina at 63% each; Houston at 62%; and Austin, Texas, Boston, Miami, and New York City at 61%.
  • Rounding out the top mobile banking cities at 60% each are Chicago, Knoxville, Philadelphia, Richmond, and Washington, D.C.
  • Approximately 30% of Bank of America mobile clients nationwide have interacted with Erica, with the highest rates of adoption occurring in Memphis (34%); San Antonio, Texas and Las Vegas (31%); and Albuquerque, Buffalo, Chicago, Oklahoma City, and Providence, Rhode Island (30%).

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Cash & Liquidity Mngm in North America

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