Tuesday, 30 April 2024
Bank of America’s Erica surpasses 6 million users
Bank of America announced that Erica, its artificial intelligence (AI)-driven virtual financial assistant, has surpassed 6 million users and completed more than 35 million client requests. This milestone coincides with the introduction of a series of new features in the award-winning mobile app, including several new Erica insights that offer clients personalized, proactive guidance to help them stay on top of their finances.
“Since launching Erica’s proactive insights late last year, daily client engagement with Erica has doubled,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Consistent with our high-tech, high-touch strategy, we’ll continue evolving our best-in-class digital banking capabilities, including Erica, to provide clients relevant, timely guidance and help make managing their finances easier.”
Erica’s latest insights include:
- Recurring charge increase flag: Notifies clients when a recurring charge or membership fee increases unexpectedly, enabling them to take action if needed. For example, clients can cancel a subscription, reduce an expense, or dispute an incorrect charge they may have otherwise missed. Erica even takes seasonal variations into account for charges such as utility bills.
- Preferred Rewards: Informs clients when they are eligible for Preferred Rewards, highlights the benefits of the three-tiered membership program, and guides them through the simple enrollment process.
- Enhanced bill reminders: Alerts clients of all upcoming Bank of America bills and third-party eBills, including credit cards, home and auto loans, utilities, and retail within five days of their due date, and helps them easily schedule payments. The insight also provides an integrated view of all scheduled and recently paid bills with associated payment information.
In addition to the latest Erica enhancements, Bank of America is giving clients more flexibility and security on daily spending. A new functionality within the mobile banking app allows clients to set, manage and control how much they spend on purchases or withdraw from an ATM each day.
Re-disseminated by The Asian Banker
