Virtual assistant

BoA reports 30% increase in virtual assistant usage

Americans are beginning to know Bank of America Erica.

BoA said in its second quarter results report On Monday (July 18), customer use of Erica – its virtual financial assistant – has increased since 2021, part of a broader trend of increased digital banking activity.

Forty-three million active digital users signed up this quarter, CEO Brian Monahan said on a call with investors, scoring “a record 2.8 billion hits with our Erica users up 30% year-over-year. And we recorded more than 123 million total customer interactions in the second quarter alone.

See also: Bank Of America: nearly 48 million checks deposited digitally in the second quarter

First introduced four years ago, Erica is nearing one billion interactions, Monahan said, while overall digital sales have increased 20%.

He added that average deposits increased by $123 billion, or 7%, while retail deposits from the bank’s consumer and wealth management deposits increased by $129 billion.

“I would just like to point out that small business deposits of $177 billion were up 14% year-over-year,” Monahan said. “And that reflects the continued reopening of small businesses across America and consumer spending, supporting their growth.”

This time last year, Bank of America reported 40.5 million total digital users, up from 39 million in 2020. Nearly 80% of households used the bank’s digital platform, up from 77 % in the second quarter of 2020.

Read more: Big banks face big fines for messaging apps

Last week, PYMNTS reported that Bank of America and four other of the nation’s largest investment banks were set to pay a combined $1 billion fine for letting employees do business using messaging apps. unauthorized.

JPMorgan had already paid $200 million, with Morgan Stanley preparing to do the same. Meanwhile, Citigroup, Goldman Sachs and Bank of America were also apparently in talks to pay a similar fine to regulators.

Citigroup took a one-time reservation for the investigation, Chief Financial Officer Mark Mason said on an earnings call last week, calling the move “appropriate” and “consistent with what our peers have disclosed.”



About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.