Bank of America Corp (NYSE:BAC) announced that it has rolled out a new virtual assistant called Erica, which is powered by artificial intelligence.
The bank announced that it is following the trend of many major tech and financial institutions in releasing Erica, a virtual assistant designed to help mobile customers with all their financial needs. The assistant is equipped with a deep learning algorithm that allows it to learn as customers use her more, making her smarter the more she is used.
Erica can help all Bank of America customers who own a mobile device by notifying them of when their mortgage is due or even automate the process of paying their mortgage or credit card debt. The move is an extension of the bank’s new digital mortgage platform that was released back in April, which helps customers complete the mortgage application process through their mobile device or on a Bank of America website.
“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, Bank of America 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.”
BAC stock was down about 1.7% Friday.
