Foresight Research: Consumer Resistance to Banking AI in Georgia

  • “Bank of America reported about 20 million or about 30% of their customers arere using ERICA – their chatbot.
  • For chatbots or AI a low 51% of consumers are comfortable using this technology for routine questions. For gathering information or for asking for advice on loans, retirement planning or investments only 44% would be comfortable using AI.”

Foresight Research: Consumer Resistance to Banking AI in Georgia

How to Introduce AI Into Your Marketing and Customer Experience Practices

  • “According to IDC, the global AI market is poised to break the $500 billion mark by 2024.
  • Louis Vuitton uses facial recognition within the Baidu ecommerce platform to match consumers with fragrances.
  • Discount supermarket chain, Lidl, uses NLP in its conversational chatbot Margot on Facebook Messenger. Margot helps shoppers get the best out of its wine selection.
  • 1-800 Flowers has an AI-powered concierge named Gwyn (Gifts When You Need). Gwyn can successfully reply to customer questions, help customers find the best gifts and assist them through the entire shopping experience for individually tailored offers.”

Banking Interest in Conversational AI Jumps During COVID Lockdowns

  • “Financial institutions are realizing that long-term adjustments will be required in how retail banking is conducted.
  • This dramatic shift has sharply increased interest in various types of conversational banking, especially as a means to ease the pressure on call centers.
  • The poster child for conversational AI in banking right now, however, is Bank of America’s digital assistant known as Erica. The mobile app that can respond to both voice and text-based questions was growing rapidly even before the pandemic hit the U.S. in March. Ten million users had downloaded the app as of yearend 2019, about two years after its launch.”

Bank of America’s AI Robot Learns 60,000 Ways to Talk About the Coronavirus

  • “North Carolina-based Bank of America, the digital push translated to more than 2 million customers using Erica for the first time since the beginning of March, bringing total active users to greater than 13 million.
  • The virtual assistant handled 15 million requests from clients in April alone, accounting for about 10% of all queries received since its June 2018 introduction.” Lands IBM Partnership and More Customers for its Artificial Intelligence and IoT Platform

“What most impressed me at’s event was the number and depth of customer presentations

  • Shell executive Daniel Jeavons, general manager of data science, updated attendees on a now-two-year-old deployment
  • 3M executive Jennifer Austin, manufacturing & supply chain analytics implementation leader, detailed progress on data-science-driven inventory optimization, pricing analytics and supply chain risk-management applications
  • Bank of America executive Brice Rosenzweig, co-head of the bank’s Data and Innovation Group, detailed progress on building out a more business-user-accessible data platform”