“Tapping capabilities of the bank’s AI-powered virtual assistant Erica to handle internal self-service has also led to a considerable reduction in help desk inquiries at the bank, he added. BofA has said Erica handles the work of about 11,000 people. The Charlotte, North Carolina-based lender expects to double its expense budget for AI next year, Bank…
Tag: Erica
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…
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…
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…
Beyond Chatbots : Conversational AI in Banking
“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…