Siri, Alexa, now Erica; BofA's AI-driven Erica assistant hits 1M uses - ICX Association

For the past couple of years, financial institutions have explored how AI can help them in several areas, such as reducing costs, enhancing revenue, eliminating fraud and improving the customer experience. One of the most recent AI efforts is Bank of America's Erica, a virtual assistant focused on the customer experience when launched three months ago. The financial services player claims it is the first widely available AI-driven virtual assistant of its kind in the industry. The bank recently announced 1 million mobile banking users have accessed Erica's features to search for transactions, view balance information and bills, get their credit scores and their account numbers. While that figure represents only 4 percent of the bank's 25 million-plus mobile banking clients, at least one industry analyst deemed it as progress from Bank of America.