Bank of America is taking big leaps in the utilization of artificial intelligence to help you better manage your finances. The technology in question, an AI assistant named Erica, was first introduced to the Bank of America customers in Rhode Island before becoming available worldwide. Since then, millions of customers are now interacting with Erica to better monitor their expenses, learn of ways to save money, and improve their credit scores.
Erica is available to chat through text or voice message, and can even send you text messages when as she gets to know your financial situation and finds ways to save you money. Once you receive the text you can simply click it to launch the application and she can tell you what her idea is. From there, you can tell her that you want to make the necessary changes to your account or tell her you are not interested at the moment.
Other banks have utilized some bots with a certain level of artificial intelligence but the customer experiences were not reported as great. Due to apps like Uber and Airbnb, people are looking to have a similar, seamless experience when it comes to their banking apps.
Bank of America is working hard to meet the demands of its customers and are wanting Erica to facilitate some of the benefits of one-on-one personal service to the masses. She will use artificial intelligence, predictive analytics and cognitive messaging to help customers complete tasks such as making payments, checking their balances for them at rapid speed, saving them money, and finding ways of paying down their debt. She will also show customers how to look up their FICO score and provide them with educational videos and other content.
Unlike the bank’s employee’s, Erica will be available 24/7 to provide necessary assistance to customers.
It is predicted that AI bots such as Erica will take over approximately 6 percent of jobs in the United States over the next 5 years. However, Bank of America is making clear that Erica has been created to serve the people, not take their jobs. With more AI bots being incorporated into the mainstream it is hard to see how it is all going to fit in. For now, Bank of America is working on making Erica even smarter and more accessible to customers in order to improve their banking experience.