Bank of America’s AI Assistant Erica Passes 1.5 Billion Interactions

Summary:

Bank of America’s AI assistant Erica has reached over 1.5 billion interactions since its introduction in 2018. The digital concierge responds to more than 56 million requests per month, with an increase of 35% compared to the previous year. Erica’s functionalities include checking balances, transferring money, finding ATMs, and handling other banking tasks. Users now engage with Erica for advice and insights over 60% of the time.

Introduction:

Bank of America has reported that their AI assistant Erica has surpassed 1.5 billion interactions since its launch in 2018. Erica, the digital concierge, has experienced a 35% increase in monthly requests, responding to more than 56 million queries per month. Originally designed for self-service banking, Erica can perform various tasks, such as checking balances, transferring money, and finding ATMs. Over the years, users have increasingly sought advice and insights from Erica.

Main Points:

Erica has interacted with over 37 million Bank of America customers since its debut.

Last year, users spent over 3 million hours chatting with Erica, a 31% yearly increase.

The most common uses of Erica now include monitoring subscriptions and bills, as well as analyzing spending habits.

Erica offers intelligent call routing capabilities to connect clients with specialists for complex needs beyond self-service.

Conclusion:

Bank of America’s AI assistant Erica has experienced significant growth, with over 1.5 billion interactions to date. The COVID-19 pandemic and related restrictions have accelerated the adoption of virtual assistants like Erica. Bank of America has expanded Erica’s capabilities, including understanding COVID-19-related questions and providing information on the bank’s plans. Other financial service providers, such as U.S. Bank and Wells Fargo, have also explored AI and virtual assistant technologies. Erica’s success demonstrates the increasing demand for personalized and intuitive AI-powered banking experiences.