Conquering Convenience: BofA's Erica Racks Up 2B Interactions

On Monday, Bank of America Corporation BAC disclosed that its virtual financial assistant, Erica, has surpassed 2 billion interactions since its launch.

Erica, launched in 2018, has expanded capabilities to support individual and corporate clients across the enterprise, including within Merrill, Benefits OnLine, and the CashPro platform.

Bank of America said that Erica has responded to 800 million inquiries from over 42 million clients and provided personalized insights and guidance over 1.2 billion times to date.

“Erica is a great example of applied innovation in language processing and predictive analytics to deliver a valuable and empowering client experience,” said Hari Gopalkrishnan, CIO and Consumer, Business & Wealth Management Technology executive.

“Our data science team has made more than 50,000 updates to Erica’s performance since launch – adjusting, expanding and fine-tuning natural language understanding capabilities, ensuring answers and insights remain timely and relevant,” said Nikki Katz, Head of Digital at Bank of America.

Also Read: Bank Of America Warns Employees Of ‘Disciplinary Action’ If They Don’t Return To Office: Report

Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF FTXO and Invesco KBW Bank ETF KBWB.

Bank of America will report its first-quarter 2024 results on April 16.

Price Action: BAC shares are down 0.28% at $37.40 on the last check Tuesday.

Photo via Wikimedia Commons