Virtual assistant

BofA customers use the virtual assistant more than a billion times

(Reuters) – Bank of America said on Wednesday that 32 million customers had used its virtual assistant, which allows them to check bill payments, account balances and track expenses on the mobile banking app, more than a billion times since its launch in 2018.

Wall Street banks have recently been focused on expanding into the digital banking space with heavy investment in research and development and acquisitions to meet customer demands and also as a way to reduce overhead costs at physical branches. .

“Bank of America has been investing $3 billion or more in new technology initiatives every year for more than a decade, including significant investments in AI,” said Aditya Bhasin, chief technology and information officer. , in a press release.

BofA said Erica, the virtual assistant at the second largest U.S. bank, averages 1.5 million customer interactions per day. Customers use Erica to locate past transactions on accounts, receive merchant refund notifications and duplicate charges, among other things.

BofA also plans to offer its users the ability to connect with financial specialists through Erica in the first half of 2023 to answer a wide range of personal finance questions regarding mortgages and credit cards, among others.

The announcement comes ahead of BofA’s third-quarter results due next week, with analysts expecting the lender to report a decline in quarterly profits and build up loss provisions for loans that could potentially deteriorate.

(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)

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