Bank of America has announced that it will launch an artificial assistant to its mobile banking app.
(CCM) — On Monday, Bank of America announced that it will be integrating a super-smart AI assistant into its mobile banking app, according to reports by Forbes. The assistant, called Erica after the last five letters of the bank's name, is being touted as being more advanced than its contemporaries, like Apple's Siri and Microsoft's Cortana. In addition to the ability to respond to users' questions, Erica will be able to bring up topics on her own as well as make suggestions based on predictive analytics. "Erica has your back and she’s looking out for you," said Michelle Moore, Head of Digital Banking at Bank of America.
With this upgrade to its app offerings, Bank of America hopes to stay in a rapidly changing consumer market that depends more and more on mobile technology. Bank of America's Chief Executive Brian Moynihan has also noted that the company hopes to cut costs and time spent by branch employees on simple transactions and easy-to-answer questions that could, instead, be outsourced to a service like Erica. The AI assistant, which will be able to interact via text and voice, is set to debut late next year.
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