• by Chuck Martin , June 17, 2018

Bank of America is launching what it calls the first widely available artificial intelligence powered virtual assistant of its kind in financial services.

The virtual assistant, called Erica, will be available to the bank’s 25 million mobile customers, adding to its mobile car shopping tool and Digital Mortgage Experience.

“Everything we do is based on what we hear from our clients: how they want to interact with us and how we can make their financial lives better,” stated Michelle Moore, head of digital banking at Bank of America. “Erica makes it easy for clients to find what they are looking for to providing new and interactive ways to do their banking using voice, text or gesture. Through Erica, we are also delivering personalized solutions at scale by providing insights, such as how you can improve your credit score or create a budget.”

Bank customers can ask Erica to search for past transactions, navigate the app, find bank routing numbers or the nearest ATM, schedule meetings with bankers, view bills and schedule payments.

The virtual assistant is designed to learn as it goes.

“Erica’s knowledge of banking and financial services increases with every client interaction,” stated Aditya Bhasin, head of consumer and wealth management technology at Bank of America. “In time, Erica will have the insights to not only help pay a friend or list transactions at a specific merchant, but also help make better financial decisions by analyzing habits and providing guidance.”