Virtual Assistant to Coach Customers on Saving and Spending

Sunday, October 30, 2016 - 12:32

Bank of America Corp will provide a "virtual assistant" named Erica who will use artificial intelligence to make suggestions over mobile phones for improving their financial affairs.

Reuters quoted Michelle Moore, head of digital banking for Bank of America, as saying that Erica will be smarter than a robot because she will bring up topics on her own, using predictive analytics as opposed to only answering questions customers ask.

According to Moore, Erica will be introduced to customers late next year, and will be able to converse by text as well as voice. It may recommend taking steps to lift a sagging credit rating she noticed. Or, she may propose a customer make higher monthly payments on an outstanding credit card balance to reduce interest expenses.

Bank of America is introducing the tool as the industry presses to keep up with rapidly changing ways customers use mobile phones.

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