Bank of America unveiled a virtual assistant that will be integrated into its mobile banking app, at the Money 2020 conference today in Las Vegas.
Dubbed "erica," the voice-activated artificial intelligence service will allow customers to perform transactions at all times. Additionally, the assistant will provide proactive guidance and "anticipate customers' financial needs to help them stay on track and reach their financial goals," the company said in a press release. Such functions could include alerting customers when they might need to transfer money into a checking account based on an analysis of spending patterns. The assistant will become available in late 2017.
"Incorporating artificial intelligence into our mobile banking offering will help customers manage their simple banking needs more efficiently and consistently, which then allows our specialists in our financial centers to spend more time with customers to understand their more complex needs and help them improve their financial lives," said Thong Nguyen, president of retail banking for Bank of America, in a press release.
B of A had 21 million active mobile users at the end of the third quarter. It reported that its customers logged into their accounts more than 950 million times during the quarter, or about 46 times per user. It also opened 172,000 accounts via mobile during the quarter, up 34% from a year earlier.