Clients of Bank of America have used virtual assistant more than a billion times

According to Bank of America (BofA), since the launch of the mobile banking application in 2018, 32 million customers have used a virtual assistant, which allows checking payments and account balances, as well as tracking their expenses, more than 1 billion times.

In order to meet the current requirements of their customers, as well as in order to reduce their expenses in physical branches, Wall Street banks have recently been focused on expanding the digital banking space, involving large investments in research and development.

Aditya Bhasin, BofA's chief technology and information officer, said that the bank has been investing in new technologies every year for more than 10 years, and the amount of investments has already exceeded $ 3 billion. At the same time, significant investments have been made in artificial intelligence.

According to average estimates, Erica is the virtual assistant of the second largest American bank, contacts customers 1.5 million times a day. Among the most popular requests of the bank's customers are such requests as searching for transactions on accounts, as well as receiving notifications about refunds and duplicate payments by the seller.

Already in the first half of 2023, Bank of America can offer its users options for contacting financial specialists through a virtual assistant in order to solve issues related to personal finance management, including mortgage and credit card issues.