Bank of America upgrades EricaAssist with generative AI to cut call times, boost service speed

Bank of America Equips Customer Service Reps With Gen AI | PYMNTS.com

The new AI capabilities enable EricaAssist to deliver relevant insights in under three seconds, without interrupting the flow of the conversation, and help customer service representatives provide clients with more personalized service in real time, Bank of America said in a Tuesday (July 21) press release. EricaAssist is used by more than 18,000 customer service representatives. It reduces average call times by nearly one minute, according to the release. Because it surfaces relevant guidance in real time, it enables employees to focus on talking with clients, per the release. "EricaAssist reflects our high-tech, high-touch approach," Ashley Ross, head of consumer client experience and business transformation at Bank of America, said in the release. "By combining human judgment with real-time AI guidance, we're helping employees navigate complex topics more easily and serve clients more effectively in the moments that matter most." Tom Ellis, chief information officer and head of consumer technology at Bank of America, said in the release: "This technology helps our teammates deliver relevant insights in seconds, while operating with strong governance, transparency and accountability." The PYMNTS Intelligence report "Financial Services Pulls Ahead in the Enterprise AI Race" found that financial services and insurance firms are going all in on AI, with the most adopted use cases being structured, auditable back-office functions such as revenue recognition, credit risk assessment and sales forecasting. "Financial services firms appear to have chosen to deploy AI when outcomes are certain and the consequences of error are manageable," the report said. "The tools for customer growth (retention, acquisition, experimentation and personalization) remain comparatively underdeveloped." In another, separate rollout of AI tools, Bank of America's wealth management businesses, Merrill Wealth Management and Bank of America Private Bank, said in March that they had begun using AI-Powered Meeting Journey, a workflow tool that handles preparation, note-taking and follow-up for financial advisers. In August, Bank of America said that Erica, the bank's AI-driven virtual financial assistant that helps clients, was averaging more than 58 million client interactions per month and had surpassed 3 billion interactions since its launch in 2018.

Bank of America enhances EricaAssist with generative AI tools By Investing.com

CHARLOTTE, N.C. - Bank of America announced today enhancements to EricaAssist, its AI agent that supports customer service representatives during client interactions, according to a press release statement. More than 18,000 customer service representatives at the bank use EricaAssist. The tool provides real-time guidance during calls by summarizing client inquiries and surfacing relevant information. The new generative AI capabilities deliver contextual guidance in under three seconds. The enhancements reduce average call times by nearly one minute per interaction, the bank stated. "EricaAssist reflects our high tech, high touch approach," said Ashley Ross, Head of Consumer Client Experience and Business Transformation at Bank of America. "By combining human judgment with real time AI guidance, we're helping employees navigate complex topics more easily and serve clients more effectively in the moments that matter most." The system summarizes why clients are calling, pulls together relevant information, and recommends next steps based on the employee's role and the client's relationship with the bank. Tom Ellis, Chief Information Officer and Head of Consumer Technology at Bank of America, said the technology helps employees deliver insights quickly while operating with governance, transparency, and accountability. Bank of America plans to expand EricaAssist to additional servicing scenarios and business lines later this year. The bank allocates $14 billion annually to technology spending, with more than $4 billion directed toward new initiatives including AI, according to the statement. Bank of America Corporation (NYSE:BAC) serves nearly 70 million clients through approximately 3,500 retail financial centers and approximately 15,000 ATMs across the United States. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.