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BofA introduces AI app for retail customers

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Viewing bills and scheduling payments are just a couple of the tasks Erica will provide.
Viewing bills and scheduling payments are just a couple of the tasks Erica will provide. - ()

Bank of America will introduce an app employing intelligence for retail customers on July 1.

Bank of America will introduce an app employing intelligence for retail customers on July 1.

Christened Erica, the app is designed to learn from clients’ behaviors over time and help them with banking tasks that can be done through the app. Customers can interact with Erica via texting, talking or tapping options on their screen.

Through the Erica mobile application, customers can ask to search past transactions; increase awareness about their credit scores; schedule meetings with financial advisors and specialists; view bills and schedule payments, and transfer money between accounts or to family members and friends.

The app will also send notifications to clients about upcoming bills and payments, displaying key information and offering different sorts of budgeting tips.

“Erica’s knowledge of banking and financial services increases with every client interaction,” said Aditya Bhasin, head of consumer and wealth management technology at Bank of America. “In time, Erica will have the insights to not only help pay a friend or list your transactions at a specific merchant but also [to] help you make better financial decisions by analyzing your habits and providing guidance.”

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Vince Calio

Vince Calio


Vince Calio covers health care and manufacturing for NJBIZ. You can contact him at vcalio@njbiz.com.

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