Erica will be rolled out next year to the 21 million users of the bank’s mobile app, providing a personal financial coach capable of answering queries 24/7 and also nudging users to improve their financial management skills.
The tool, available via voice or text, uses predictive analytics to recommend smarter ways to spend and save. Erica may encourage users to shift spare cash to pay down debt or into higher interest-bearing accounts. It will also encourage users to regularly monitor their Fico scores or check out educational videos and other financial management content.
Bank of America’s mobile banking customers logged into their accounts more than 950 million times — or 46 times per user — last year. The bank is hoping that Erica will bring the personal touch to bear as its customers increasingly conduct their financial affairs from a remote distance.