'Smarter than a robot,' Bank of America's Erica will coach customers

REUTERS - Bank of America Corp plans to provide customers with a chatty "virtual assistant" named Erica who will use artificial intelligence to make suggestions over mobile phones for improving their financial affairs. Michelle Moore, head of digital banking for Bank of America, said in an interview on Monday that Erica will be smarter than a robot because she will bring up topics on her own, using predictive analytics as opposed to only answering questions customers ask. For example, Erica may recommend taking steps to lift a sagging credit rating she noticed. Or, she may propose a customer make higher monthly payments on an outstanding credit card balance to reduce interest expenses. "Erica has your back and she's looking out for you," said Moore.