Bank of America’s AI-driven chatbot, Erica, has achieved a significant milestone, surpassing one billion client interactions and assisting nearly 32 million customers since its debut in 2018.
Initially launched to facilitate basic transactions such as money transfers and balance inquiries, Erica has evolved, now offering more advanced functionalities. Customers have accessed 37 million proactive insights, enabling them to enhance their financial management by identifying recurring subscription charges, tracking merchant refunds, and detecting duplicate transactions. Moreover, the chatbot has provided clients with 60 million Spend Path insights, which deliver weekly snapshots of their spending patterns.
While over 98% of users find the answers they need through Erica, the bank recently introduced a feature allowing customers to connect with live representatives for more intricate service inquiries. In the upcoming year, Erica is set to enhance user experience further by linking clients with financial specialists for queries related to new products and services, including mortgages, credit cards, and deposit accounts.
David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America, remarked, “Erica exemplifies how we are delivering personalization and individualization at scale to our clients.”