By Bill Taylor, CEO - FintekNews

11/6/16 - Hello Erica! Guys be prepared next year when you tell your wife or girlfriend you are just going down to the bank. She might think you are fooling around. Yeah, Erica is going to be the new chatbot at Bank of America and she is going to “engage” more deeply with customers. Don’t know whether to be impressed or call the vice squad.

Using artificial intelligence (AI) Bank of America will launch Erica, a very advanced chatbot that will do much more than just the simplistic tasks which we have become accustomed to. By the latter part of 2017, Erica will be delivering high quality insights that will anticipate customer’s needs. By analyzing customer’s data within their accounts Erica will be calling you to explain ways to reduce debt, warn of pending low balances, offer ways to cut credit card interest rates and other tasks that should make the banking experience more user friendly.

Erica will also have the capability to monitor activity that may be of a fraudulent nature and alert the customer by app immediately. In fact, Erica may become a very trusted advisor and confident to Bank of America’s customers and may be thought of as an AI-enabled digital assistant. The world of banking is changing rapidly so more “Erica’s” will be popping up at a bank near you.