- “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.”
- “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.”
- “In 2017, American banks collected 34.3 billion dollars in overdraft fees. (link). The average value for an overdraft fee is $ 30 in the United States. This means that the average American ended up paying $ 125 in overdraft fees.
- By 2022, about 90% of all client banking interactions will be handled by Automated Banking Assistants (ABAs), saving $8 Billion annually (source).
- Bank of America introduced an Automated Bank Assistant, ‘Erica’. It reached 1 million users in 2 months, Facebook took 10 months. ‘Erica’ supports advanced functionality like money transfers, account lockdowns and detailed transaction summaries.”
- “The bank introduced its AI-powered chatbot, Erica, to speed transactions, including transferring and depositing funds. Erica works by understanding voice or text commands to complete these transactions in minutes. And, customers have responded. In the first three months, more than one million people downloaded Erica
- Chase has rolled out numerous digital initiatives and introduced new branch formats. This includes self-serve teller kiosks within these “Everyday Express Branches.” They also feature a digital advice bar for digital products or new accounts, which helps customers get assistance without waiting in line.”