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BofA Delivers First Widely Available AI Driven Virtual Financial Assistant
Bank of America is rolling out what it calls the first widely available AI driven virtual assistant of its kind in financial services, Erica, to it's 25 million mobile clients, according to a press release. Bank of America said this latest innovation reflects its continued investment in digital capabilities as part of it's high tech, high touch client experience, including the Digital Mortgage Experience, mobile car shopping tool, Merrill Edge Guided Investing and Business Advantage. "Everything we do is based on what we hear from our clients: how they want to interact with us and how we can make their financial lives better," Michelle Moore, head of digital banking at Bank of America, said in a press release. "Erica delivers on this in many ways, from making it easy for clients to find what they are looking for to providing new and interactive ways to do their banking using voice, text or gesture. Through Erica, we are also delivering personalized solutions at scale by providing insights, such as how you can improve your credit score or create a budget". The bank recently surpassed 25 million mobile banking clients and began rolling out Erica broadly across the country. The roll out will continue through June, according to the press release. Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to clients. Currently, clients can ask Erica to:

Search for past transactions, such as checks written or shopping activity, across any one of their accounts. Increase awareness about their credit scores and connect them to information that will help them learn about money management through Better Money Habits.

Navigate the app and access key information, such as routing numbers or the closest ATM or financial center.

Schedule face to face meetings with more than 25,000 specialists in our financial centers.

View bills and schedule payments.

Lock and unlock debit cards.

Transfer money between accounts or send money to friends and family with Zelle.

Erica is designed to learn from clients behaviors over time, helping them accomplish simple to complex tasks within the mobile banking app with easy to follow prompts, according to the press release. Clients can interact with Erica any way they choose, including texting, talking or tapping options on their screen.


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