Bank of America is looking to upgrade its client communications after auto loans are approved as the bank continues to lean on its digital capabilities and more consumers apply for loans through online channels.

The upgrade is expected within the next year and comes on the heels of a chat support feature in the bank’s auto research web pages that launched in May, Fabien Thierry, head of consumer and small business vehicle lending at Bank of America, told Auto Finance News. “When clients go to BankofAmerica.com, there’s now a chat super function embedded there where we can help and guide them through the process and answer any question they might have.”

The next upgrade to the chat function will integrate the loan-approval process with client communication so the lender can more quickly communicate to a borrower that their loan has been approved, Thierry said.

The chat function will be integrated with the bank’s underwriting and fulfillment system, and sync through email communications, Thierry said. “We will gain in terms of speed and transparency. As soon as the [credit] decision has been made, that will be communicated back to the client,” he said, noting that depending on the borrower, responses could be sent within hours, compared with one- or two-day response times.

The chat functionality isn’t the bank’s first chat bot. It launched its mobile banking virtual assistant, Erica, in 2018, and by the end of Q1 2022, Erica interactions were up 19% YoY and 400% from pre-pandemic levels, according to the earnings report.

Bank of America has been active in the auto finance space over the last few months, especially in the realm of electric vehicles. The bank inked a private-label deal with Lucid Motors in May, and also announced it would be providing additional incentives to employees looking to buy an electric vehicle.

The bank had a managed auto portfolio of $49.7 billion at the end of Q1, according to the bank’s earnings report.

–Additional reporting by Whitney McDonald

Editor’s Note: This is an edited version of an article first published on Bank Automation News’ sister site, Auto Finance News.

Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022.