Bank of America chatbot logs 50 million requests in first year

Source: Bank of America

Bank of America today announced that its virtual assistant, Erica, is already helping more than 7 million clients stay on top of their finances through the company’s award-winning mobile app.

Since its nationwide rollout in June 2018, Erica has:

Completed over 50 million client requests - from everyday banking activities to more complex tasks - through the latest in artificial intelligence (AI), predictive analytics and natural language processing.
Been engaged by an average of more than 500,000 new users per month.
Doubled the various ways in which clients can ask financial questions - from 200,000 at launch to more than 400,000 today - through the ongoing expansion of conversational knowledge.
Assisted clients across generations, including 15 percent from Gen Z, 49 percent millennials, 20 percent Gen X and 16 percent baby boomers/seniors.

“The personalized, proactive and predictive nature of Erica’s guidance is what will continue to make the solution unique and powerful,” said David Tyrie, 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.”

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.

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. 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.

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