Bank of America to launch AI chatbot
Erica in America
Bank of America has unveiled its new artificial intelligence (AI) chatbot to help customers make decisions on their finances.
Called Erica, a nod to the name America, it will be available inside the bank’s mobile app in 2017. Customers can do the usual AI stuff – chat via text or voice – and it’s all 24/7.
As Banking Technology reported in June, humans are becoming obsolete in its modernisation quest. However, Michelle Moore, Bank of America’s head of digital banking, says Erica is “designed to streamline the banking process, not replace jobs”.
Erica can also start getting familiar and offer advice via predictive text.
Moore gives an example: “Michelle, I found a great opportunity for you to reduce your debt and save you $300.”
“Based on your typical monthly spending, you have an additional $150 you can be putting towards your cash rewards Visa. This can save you up to $300 per year.”
No need to think anymore. The AI will do it for you.
As with other chatbots launched, Erica will use cognitive messaging and predictive analytics to assist customers with payments and checking balances.
In a separate announcement, Moore says its customers will be the “first in the industry” to try out Zelle, a new peer-to-peer money transfer service that aims to rival PayPal’s Venmo.
Recently, Neil O’Brien, SVP, director of digital banking at Santander US, wrote for Banking Technology about these two firms: “Who will win the battle for millennials – Zelle or Venmo?”
