Bank of America's Erica Enhances Mobile Banking with AI

Bank of America's Erica is being introduced as an AI-powered virtual assistant for carrying out a variety of mobile banking tasks.

With Erica, those who use the Bank of America and its app will be able to quickly call up previous transactions, learn better money management habits, quickly locate the closest ATM, schedule payments and much more. As with many artificial intelligent assistants, Erica boasts the ability to become smarter and more attuned to one's individual behaviors over time. When it comes to interacting with Erica, there are a number of ways Bank of America clients can make the most of the virtual assistant's aid—such as texting, talking or interacting with the AI via the screen of their mobile device.

In the future, it is expected that Erica will also be able to handle complex tasks, such as proactively notifying clients about upcoming bills and payments, and identifying possible ways that one can save money.