Bank Of America Launches AI-Enabled Financial Assistant Erica

Bank of America is now rolling out its artificial intelligence-powered financial assistant Erica, the company said several days back, having signaled the deployment will be completed by the end of the month after starting earlier this spring. The solution is set to become available to the institution's 25 million mobile customers located in the states highlighted on the map seen below. Erica is touted as being the ultimate digital helper for finances, having been programmed to allow for simple transaction history searches spanning all of one's accounts, with Bank of America also allowing the assistant to lock and unlock debit cards when requested.

Asking the assistant to transfer money between your accounts or send it to someone else with the Zelle service is also possible, as is using the AI tool to schedule payments and generate an up-to-date summary of unpaid bills. Erica can also help users stay aware of their credit scores and any changes to the thereof, in addition to having the ability to teach people good money management practices by sourcing one of Bank of America's existing platforms - Better Money Habits. The assistant can also be asked to make an appointment with one of the institutions financial specialists and currently has access to a database of approximately 25,000 such professionals across the United States. Erica can help users find a nearby bank, ATM, or any routing number as well.

The release of Bank of America's AI assistant is yet another step in the company's long-term technology strategy that already saw it experiment with a broad range of solutions spanning various industry segments in recent times. Being powered by machine learning technologies, Erica should get better at answering queries the more it's used. The AI assistant first started rolling out to users in March and its national-level deployment is now nearing completion, with Bank of America promising more features — including debit and credit card management support — will be added to the mobile app in the coming months.

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