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Virtual Assisting Bank Chatbots

Bank of America's Erica Chatbot Assists Users Through the Pandemic

— July 9, 2020 — Business
The Erica Chatbot system by Bank of America rises in usage with the global COVID-19 pandemic. Users are looking for ways to grasp control over their banking capabilities. They are doing so through digital platforms and the Erica chatbot virtual assistant is developed to simplify and customize the process.

Consumers are able to navigate through a variety of different functions including tracking their spending trends, requesting payment deferrals, balance inquiries, and much more. From the months of March through May this year, users increased by one million each month due to the pandemic lockdown. The new system featured new capabilities including alerting users to bills, updating card informations, and showing reoccurring charges on the account.

Image Credit: kentoh, Getty Images
Trend Themes
1. Virtual Bank Assistants - The rise of Bank of America’s Erica Chatbot during the pandemic highlights a trend toward virtual assistants for banking needs, creating opportunities for development in this area.
2. Digital Banking Platforms - The shift to digital banking platforms in response to the pandemic creates a trend towards developing innovative digital tools to enhance the customer experience.
3. Personalized Banking Services - The customization and simplification Erica offers to users demonstrates a trend towards personalized banking services, presenting opportunities for targeted and unique experiences.
Industry Implications
1. Banking - Banking institutions can benefit from exploring and implementing new digital customer service technologies, such as chatbots.
2. Fintech - Fintech companies can take advantage of the trend towards digital-only banking and create innovative ways of assisting customers with financial management.
3. Artificial Intelligence - The success of Erica highlights the potential for AI-powered virtual assistants to disrupt traditional financial service interactions and improve customer satisfaction.
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