Bank of America's Updated App for Banking Introduces the AI-Powered 'Erica'

By: Laura McQuarrie - Oct 26, 2016
References: bankofamerica & cnbc
At this year's largest event in the world for innovation in payments and financial services, Money 20/20, Bank of America introduced a new digital assistant by the name of 'Erica' that will be added to its app for banking.

On the updated Bank of America app, Erica will serve consumers by offering both predictive analytics and cognitive messaging as an AI assistant. Erica will also be able to help consumers make payments, check their balances, save money and even cut down on debt.

As part of its mission to help consumers cultivate better money habits, Erica is able to initiate dialogues with Bank of America customers who have downloaded the app with a message like: "I found a great opportunity for you to reduce your debt and save you $300."