Bank of America’s AI assistant Erica tops three billion client interactions, underscoring the bank’s heavy reliance on automation while reducing demand for human service.
Launched in 2018, Erica now averages more than 58 million interactions per month and has assisted nearly 50 million users, according to Bank of America.
Clients have spent more than 18.7 million hours conversing with the virtual assistant, which the bank says provides accurate answers in 98% of cases.
Executives say the tool helps clients manage spending, budgeting, and investments, while easing pressure on call centers.
“Erica has been learning from our clients for many years, enabling us to leverage AI today at scale, globally,” says Hari Gopalkrishnan, chief technology and information officer.
Bank of America reports that Erica’s growing role significantly decreases call center volume, freeing financial specialists to focus on complex conversations. Internally, the assistant is used by more than 90% of employees and has cut IT service desk calls by half.
The bank says Erica has delivered more than 1.7 billion personalized insights, including alerts on balance trends, rewards eligibility, and cash-back offers. Merrill clients can also use the assistant for guidance on nearly 50 investment topics, while corporate clients interact with a version embedded in the CashPro platform.
“Our clients appreciate Erica’s ability to help them manage their spending, improve budgeting and increase savings,” says Nikki Katz, head of digital. She describes the system as the foundation of the company’s “high-tech, high-touch” strategy.
With more than three billion interactions logged and further upgrades planned, Bank of America says Erica will continue expanding across the enterprise, streamlining operations, deepening relationships with clients, and reducing reliance on call centers and routine human support. The milestone reflects a wider trend in finance, where AI increasingly handles tasks once reserved for people.
