Erica, an AI-powered virtual financial assistant, has surpassed 1.5 billion interactions with Bank of America clients. Since launching in June 2018, more than 37 million clients have engaged Erica to help manage their financial needs.
“Erica’s controlled AI has become a primary gateway to personalization,” said David Tyrie, Chief Digital Officer and Chief Marketing Officer at Bank of America. “It took four years to reach the first billion interactions. Client engagement with Erica will exceed 2 billion within a few months.”
So far in 2023, clients have engaged with Erica more than 333 million times, up 35 percent year-over-year. Last year, clients spent more than 3 million hours interacting with Erica, up 31 percent year-over-year.
Clients most often using Erica to:
# Monitor and manage their subscriptions, such as food services and gym memberships – 3.6 million times per month
# Understand spending habits – 2.1 million times per month
# Stay informed of merchant refunds – 863,000 times per month
# Stay on top of upcoming bills – 332,000 times per month
# Check their FICO score – 267,000 times per month
The virtual assistant has evolved to help clients with a variety of everyday guided servicing requests including accessing account information, transferring money between accounts, sending money to friends and family, and finding a nearby financial center or ATM.
Erica has also developed intelligent call routing capabilities to seamlessly connect clients to specialists for more complex financial needs.
Clients are currently engaging with Erica 56 million times per month. Personalized and proactive insights now account for more than 60 percent of engagement.
