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."
What Makes This Trend Stand Out
- Cognitive Banking Apps
- Banking apps incorporating AI assistants like Erica that offer predictive analytics and cognitive messaging.
- Predictive Analytics
- The use of predictive analytics in banking apps to help consumers make better financial decisions and save money.
- Cognitive Messaging
- The integration of cognitive messaging in banking apps to provide personalized and proactive financial advice.
Sectors Adopting This
- Banking
- The banking industry can leverage cognitive banking apps to enhance customer experience and provide personalized financial services.
- Fintech
- FinTech companies can develop innovative solutions using predictive analytics and cognitive messaging to disrupt the banking industry.
- Artificial Intelligence
- The AI industry can collaborate with banks to develop advanced cognitive assistants for banking apps that offer tailored financial advice.
