Company Also Reveals Nation’s Most Mobile Banking Cities
CHARLOTTE, N.C.--(BUSINESS WIRE)--Dec. 11, 2019--
Bank of America today announced that its artificial intelligence (AI)-driven virtual financial assistant, Erica®, has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks. These milestones coincide with the introduction of several new Erica insights within the bank’s award-winning mobile app that offer clients personalized, proactive guidance to help them stay on top of their finances.
“Erica is ushering in a new era of personalized banking and providing our clients never-before-possible convenience,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Our high-tech capabilities together with our high-touch approach deliver a more intuitive and efficient banking experience for our clients across all channels.”
The latest enhancements to Erica include a new Refund Confirmation Insight through which clients are proactively notified when a merchant refund is posted and available to use in their checking, savings or credit card accounts.
Erica also provides new insights for members of Bank of America’s Preferred Rewards program, a first-of-its-kind loyalty program that recognizes the value of a client’s entire relationship with the bank. In addition to alerting clients when they are eligible for the program and guiding them through the enrollment process, Erica now proactively notifies members when they’re within $10,000 of the next Rewards program tier, enabling them to see how much more they could earn at the next tier and offering guidance on how to qualify. Six million clients are Preferred Rewards members, with access to an array of perks and benefits across their entire banking and investing relationship.
Additionally, the following enhancements to Erica will be introduced early next year:
New Card Merchant List Assistance: After receiving a replacement debit or credit card, Erica will proactively provide clients a list of merchants and subscription services where their card information may be stored, making updates easier. Clients can also ask Erica for a list of companies that have their card on file at any time.
Duplicate Merchant Charges Insight: Erica will alert clients when they may have been charged more than once for a purchase so they can take immediate action. Erica will then guide them through the process of filing a dispute when necessary.
Nation’s most mobile banking cities
Bank of America also revealed today new insights into the adoption of mobile banking among its 29 million mobile clients nationwide. Today, 60 percent or more of Bank of America clients in 17 major cities are actively using the company’s award-winning mobile experience.1
Memphis, Tenn., known as the home of the blues and birthplace of rock ‘n’ roll, now has another designation – Bank of America’s most mobile banking city, with nearly two-thirds (65 percent) of clients actively using the company’s mobile app. Nashville, Tenn. takes the second spot with 64 percent.
Closely following are Atlanta, Charlotte, N.C., Dallas, Orlando, Fla., and Raleigh, N.C. at 63 percent each; Houston at 62 percent; and Austin, Texas, Boston, Miami, and New York City at 61 percent.
Rounding out the top mobile banking cities at 60 percent each are Chicago, Knoxville, Tenn., Philadelphia, Richmond, Va., and Washington, D.C.
Approximately 30 percent of Bank of America mobile clients nationwide have interacted with Erica, with the highest rates of adoption occurring in Memphis, Tenn. (34 percent); San Antonio, Texas and Las Vegas (31 percent); and Albuquerque, N.M., Buffalo, N.Y., Chicago, Oklahoma City, Okla., and Providence, R.I. (30 percent).
Even more, Bank of America found that in nearly 100 major cities across the country, at least 50 percent of clients are active mobile banking users – including in several cities known for being tech-savvy, such as Los Angeles, San Diego, San Francisco, Seattle and Tampa, Fla.2
“Whether it’s Erica, Preferred Rewards or mobile banking and investing, we’re providing clients the technology, benefits and resources to help them reach their financial goals – meeting them where they are, and through the channels they prefer,” added Tyrie.
Learn more about Bank of America’s digital offerings and Preferred Rewards program.
1 Data as of September 30, 2019, and based on markets with more than 100,000 Bank of America checking account clients. Insights therefore exclude cities where the company has more recently expanded its retail banking presence, including Denver (69 percent mobile app adoption), Minneapolis (67 percent) and Indianapolis (67 percent).
2 Including newer and established markets.
About Bank of America Digital Banking
Bank of America’s award-winning digital banking platform is an evolving source of increased client engagement and satisfaction serving 38 million digital clients, including 29 million active mobile users. During the third quarter of 2019, digital clients logged into their accounts 2 billion times and used digital to make 138 million bill payments and book 613,000 appointments.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with 38 million active users, including 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for email alerts.
Bank of America, N.A. Member FDIC © 2019 Bank of America Corporation.
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Source: Bank of America
Reporters May Contact:
Andy Aldridge, Bank of America, 980.387.0514