BANK OF AMERICA CORPORATION Banks and financial institutions have found many ways to integrate AI in recent years. Some examples include integrating back-end data processing, helping support staff handle customer issues and chatbots.
Most recently, Discover partnered with Google Cloud to provide Vertex AI for its support center staff. This tool analyzes documents to provide summaries for staff along with real-time search assistance and suggestions for the right response to customers.
However, in many ways, banks have been using AI long before the generative AI trend kicked off, and one great example of that are chatbots. These digital assistants have provided services ranging from bill transfers, providing account information or even answering basic questions. Some of these include Ally Assist form
In Erica's case,
Q. Why did
A. We launched Erica in 2018 to bring clients the first widely available AI-driven virtual financial assistant. Erica is available within the
Q. What are Erica's primary features?
A. Erica employs the latest artificial intelligence and machine learning technology to provide clients with personalized, proactive financial guidance and help make managing their finances easier. Erica's natural language processing capabilities enable clients to engage 24/7 in the
Q. How has it improved the customer experience?
A. Erica has laid the foundation for personalization at scale and is our clients' guide by their side as they navigate their financial lives. Erica gives clients the shortest route to the answers they need — creating efficiency in their financial lives by assisting them with an array of tasks while also proactively delivering insights and advice unique to each client at key moments. More than 98% of clients get the answers they need from Erica, within 44 seconds on average.
Q. Can Erica escalate issues to bank employees as needed?
A. Clients can use Erica to connect with our network of specialists via phone. Erica will often recognize the call topic a client needs help with and can connect them directly with the right agent, avoiding being transferred between associates and thus saving the client time. In
Q. What has customer feedback been like?
A. We have received overwhelmingly positive feedback on Erica to date. Clients have told us that Erica has helped them save money by alerting them to things such as unwanted subscription charges they didn't realize they had. We also continue to see adoption of Erica grow at a tremendous rate. Since launch, Erica has recorded 2 billion interactions with clients.
Q. What features have been added to Erica over time?
A. Over the past six years, we've integrated Erica technology into other areas of our business. In 2020, the technology was integrated with Merrill, expanding the number of clients that can access Erica's capabilities. In 2023, we launched CashPro Chat, which marries Erica's consumer technology with our award-winning CashPro platform, allowing business clients to receive around-the-clock automated, intelligent support.
Q. Is there any consideration towards adding more advanced chat AI features in the future?
A. We are continuously evaluating client feedback and behavior to expand the number of client requests Erica can understand and develop new insights that Erica can provide to clients. In the background, we also engage in a continuous monitoring and retraining process called "tuning" which helps boost client satisfaction and engagement. Since launch, our team has made more than 50,000 tuning updates to Erica's performance — adjusting, expanding, and fine-tuning natural language understanding capabilities, ensuring clients are getting the timely and relevant answers and insights they need.
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