Bank of America BofA’s Virtual Assistant Used Over 2 Billion Times Since 2018 Launch

Bank of America, BofA, has announced that its virtual assistant has been used more than two billion times by over 42 million customers since the platform’s launch in 2018.

Virtual assistants have become increasingly popular, and Bank of America BofA’s tool, Erica, is increasingly being used to improve user experiences at the bank. This virtual assistant can conduct various functions, including bill payments, money transfers, and mobile banking operations.

The bank’s customers can also use Erica to perform other functions related to investment management, such as placing trades and tracking the performance of an investment portfolio.

“Erica [ Bank of America $BAC virtual assistant ] has responded to 800 million inquiries from over 42 million clients and provided personalized insights and guidance over 1.2 billion times.” https://t.co/4SBWzPk48r

— Jevgenijs Kazanins (@jevgenijs) April 8, 2024

The tool’s usage has been growing steadily over the past year. In July 2023, Erica had only 37 million users.

BofA’s Virtual Assistant is Improving Client Experiences

The Erica virtual assistant tool by the bank has helped improve mobile banking experiences. This tool plays a crucial role in increasing the lender’s popularity among customers. Most of the bank’s clients prefer to perform their transactions online instead of doing them on the physical bank branches.

In the press release, BofA opined that the virtual assistant ranks as the most advanced and popular virtual financial assistant. Since its launch, this tool has quickly become popular among users, reaching two billion interactions in under six years.

The Head of Digital at Bank of America, Nikki Katz, opined that this tool is crucial in improving experiences and allowing clients to access seamless opportunities.

“Erica acts as both a personal concierge and mission control for our clients. Erica meets clients where they are and when they need us and has become a true guide by their side,” Katz opined.

The bank also noted that the tool’s capabilities have expanded in the last six years since its launch. The virtual assistant now meets the diverse needs of individual and corporate clients.

Katz noted that since this tool launched, the bank’s analytics team had implemented over 50,000 updates to improve its performance. Over the years, some tweaks have been made to the tool, including its ability to understand natural language. Katz believes that the tool will continue amassing more interactions in the future.

Erica’s Diverse Offerings

BofA noted that the Erica virtual assistant tool has handled over 800 million queries from the bank’s customers. It has also extended guidance and personalized insights to clients more than 1.2 billion times.

Regarding insights, the tool has helped customers monitor and manage their recurring subscriptions, understand their spending behavior, and be updated on their deposits and refunds.

The bank’s customers who have used Erica to request an account number or routing number stand at 1.7 million per month, while those using Erica to locate transactions stand at 1.5 million per month. 900,000 monthly users also use the tool to get assistance with their bill payments and money transfers.

This virtual assistant tool also offers efficiency as it responds quickly. Over 98% of clients using the tool have received the answers they seek within 44 seconds. The bank’s clients can also use the Mobile Servicing Chat to access a live representative that answers their more complex queries.

The tool also plays a crucial role in helping the bank improve its relationship with customers. It can send birthday wishes to clients and make jokes. The tool also alerts clients of partnerships between BofA and external parties that will improve their experiences.