Bank of America (BofA) has announced that it has surpassed one million users on Erica, an AI-driven virtual assistant in financial services

Erica is available to customers using BofA’s mobile app. The milestone was reached within two months of completing its phased rollout, making Erica available to mobile customers nationwide.

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Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to customers.

There are a number of ways that customers can interact with Erica, including texting, talking or tapping options on their screen. BofA stated that customers have mostly used Erica to view transactions, check their balance and bills, and also check their credit scores.

Michelle Moore, head of digital banking at BofA, stated: “Our clients are increasingly asking for mobile services that make their lives easier, and Erica is becoming a growing choice for its convenience and personal solutions.

“As we continue to advance our work on AI-driven developments, it is important that we listen to our users today and further enhance Erica to align to client feedback to better meet and anticipate needs.”

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Coming later this week, Erica will have more features available through the mobile banking app. The aim is to continue to offer customers more tailored services. The upcoming features include:

  • Mobile onboarding – a guided experience for new customers to easily enable fingerprint or FaceID, enrol in alerts and e-statements, and learn more about services such as mobile check deposit, BankAmeriDeals and Zelle.
  • Enhanced shopping – consumers can more easily explore products and services immediately after downloading the mobile app.
  • New chat experience – a chat option directly connecting consumers to a specialist to help with the checking and saving application within the mobile app.
  • New digital wallet functionality – provides clients ability to add an instantly approved credit card to their digital wallet immediately.
  • Mobile enrolment in Business Advantage Relationship Rewards – provides ability to research, compare benefits, and enrol; also recognises and immediately determines eligibility and rewards.