“Erica is proving very popular with customers. Less than 12 months after its launch, in May 2019, the chatbot was in use by seven million clients and had completed 50 million client requests. By December 2019, those numbers had risen to 10 million users and close to 100 million client requests. As for the predictive messaging, on average 150,000 customers tap on these alerts per week.”
Varadarajan’s analysis is born out by BoA’s own statistics: the vast majority of users (49%) who had signed up within the first 12 months of Erica’s existence were millennials, with Gen X making up the next largest group (20%). Baby Boomers and Gen Z – while they may sit at opposite ends of the generational spectrum – came in almost level at 16% and 15% respectively.
“Bank of America Corp. and International Business Machines Corp. have teamed up to develop a public-cloud computing service for banks, which have been reluctant to store customers’ financial data outside their in-house systems.
Venmo, a digital money-transfer service operated by PayPal Holdings Inc., reported more than 40 million active users for the first three months of 2019.
Over the same period, Bank of America reported 37 million active digital users, while
Wells Fargo & Co. counted 29.8 million.
Among large U.S. banks, only JPMorgan Chase & Co. surpassed Venmo, reporting 51 million digital users for the first quarter.”