Bank of America to roll out voice-activated AI service

The virtual assistant is dubbed erica, and will allow customers to perform transactions at all times. Moreover, the bank said the assistant will provide proactive guidance, and anticipate customers financial needs to enable them stay on track and reach their financial goals. Such functions include alerting customers when they might need to transfer money into a checking account based on an analysis of spending patterns. The assistant will become available in late 2017.

Bank of America had 21 million active mobile users at the end of the third quarter, according to American banker. It reported that its customers logged into their accounts more than 950 million times during the quarter, or about 46 times per user. It also opened 172,000 accounts via mobile during the quarter, up 34% from a year earlier.