May 18, 2018

B of A's new digital-banking aide: 'Erica'

Bank of America has raised the stakes in the digital-banking race, introducing a smart-technology virtual assistant it says can assist customers with banking and personal-finance information and services.

Known as "Erica,'' the free mobile app relies on artificial intelligence and is aimed at B of A's 25 million mobile clients, the Charlotte, N.C., lender said Friday.

The No. 3 U.S. bank, with assets of $1.6 trillion, B of A is the largest bank operating in Connecticut, in terms of deposits.

The bank said Erica is its latest investment in digital capabilities that are part of its "high-tech, high-touch client experience." Its other digital services include mortgage, car shopping, investing and a digital tool for business-banking customers.

"Everything we do is based on what we hear from our clients: how they want to interact with us and how we can make their financial lives better," said Michelle Moore, B of A's head of digital banking. "Erica delivers on this in many ways, from making it easy for clients to find what they are looking for to providing new and interactive ways to do their banking using voice, text or gesture. Through Erica, we are also delivering personalized solutions at scale by providing insights, such as how you can improve your credit score or create a budget."

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