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Meet Bank of America's new AI assistant, Erica

Meet Bank of America's new AI assistant, Erica

I'm always singing the praises of smartphones and the technology that comes with them. They are basically computers in the palm of your hand. In fact, my iPhone X is much more powerful than the first desktop computer I had in the early 1990s.

Think about everything we can accomplish with these handy gadgets. Conduct business through email, have face-to-face conversations with FaceTime or Skype, navigate through unfamiliar cities using GPS, and so much more. The possibilities are unlimited.

Of course, to take advantage of everything smartphones can do, you need to have useful apps. Bank of America customers can get excited right about now. That's because it has just introduced the first widely available artificial intelligence (AI) driven virtual assistant of its kind in the field of financial services.

Your own personal financial assistant

Bank of America released its virtual financial assistant, Erica, to all its mobile app users Friday. It's available 24/7 and designed to help customers with all their banking needs.

The AI is new and still learning. The more you interact with Erica, the smarter she gets. Just talk, type or tap and she will help take care of everything else.

To take advantage of Erica's abilities, you need to have the Bank of America mobile app installed on your gadget. That, and of course, be a Bank of America customer.

Here are some of the things Erica can do:

  • Check routing numbers
  • View bills and schedule payments
  • Transfer money between your accounts
  • Find past transactions
  • Lock and unlock debit card
  • Send money to friends
  • Open or apply for a new account
  • Activate credit and debit/ATM cards
  • Report lost or stolen cards
  • Check your credit score

Those are just some of the things Erica is able to help you with. The financial institution boasts over 25 million mobile banking customers who are now able to use Erica's services.

It's easy to use the Erica feature. Simply log-in to your Bank of America mobile app >> tap on Erica >> watch the short demo >> you're ready to go.

A Bank of America rep said, "Erica's knowledge of banking and financial services increases with every client interaction. In time, Erica will have the insights to not only help pay a friend or list your transactions at a specific merchant, but also help you make better financial decisions by analyzing your habits and providing guidance."

With competition being fierce in the financial industry, it's only a matter of time before other banks come up with their own AI financial assistant. If they want to stay competitive that is.

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