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Bank of America Erica users jump 67% YoY

Bianca ChanbyBianca Chan
January 20, 2021
in Banking
Reading Time: 2 mins read
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Bank of America’s virtual assistant Erica continues to gain traction among customers, with usage jumping 67% year over year to 17.2 million users.

That’s 1.4 million hours of customer interactions saved by the automated customer service tool, according to CEO Brian Moynihan on the bank’s fourth-quarter earnings call Tuesday.

Photographer: Mark Kauzlarich/Bloomberg

Looking ahead, the $2.8 trillion bank is planning to build out Erica’s internal integrations this year to support live chat agents and call centers for smoother transitions between the three servicing options, Christian Kitchell, head of AI solutions and the Erica group, previously told Bank Automation News.

Bank of America is also expanding its use of Erica across different banking divisions, embedding the AI-powered digital assistant into Life Plan, the bank’s automated personal finance tool launched in October. Life Plan is a self-service tool that proactively feeds users “bite-sized” actions, based on customer data the bank already has and Erica insights, to help them achieve financial goals. The tool has notched 2.1 million plans since its launch, according to the bank’s earnings report.

Meanwhile, the transaction volume for peer-to-peer payments via Zelle surged 80% YoY to $43 billion across 157 million transactions. Zelle is operated by Early Warning Services and owned by Bank of America along with a handful of other giant U.S. banks that include JPMorgan Chase, Capital One and Wells Fargo.

Bank Automation Ignite, taking place March 2-3, 2021 as a virtual experience, is the event for inspiring automation initiatives and investment in financial services. Formerly the Bank Innovation Ignite conference, this new focus creates an event where financial services professionals can discover new use cases and technologies that are accelerating automation in banking. Learn more and register for the event at www.BankAutomationIgnite.com.
Tags: Bank of AmericaPremiumvirtual assistant
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