Bank of America launches AI chatbot Erica -- here's what it does

With Erica, the company hopes to help consumers create better money habits, said Michelle Moore, Bank of America's head of digital banking. For example, Erica might send someone a predictive text: "Michelle, I found a great opportunity for you to reduce your debt and save you 300." Click the text to launch the app, and get Erica's advice. "Based on your typical monthly spending, you have an additional 150 you can be putting towards your cash rewards Visa. This can save you up to 300 per year." Though many banks have bots with some level of artificial intelligence, the customer experience has not always been great, said Daniel Latimore, senior vice president of Celent's banking practice.