BofA added generative AI to its EricaAssist tool for 18,000 customer service reps, cutting call times by nearly a minute and pushing real-time guidance to agents.
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Bank of America (BAC) added new generative AI capabilities to the EricaAssist tool it gives customer service representatives, the bank said Tuesday.
The AI now surfaces relevant guidance in under three seconds without interrupting the flow of a conversation. It is used by more than 18,000 reps and reduces average call times by nearly one minute, per the bank's 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."
Financial services firms are concentrating AI on structured back-office functions like revenue recognition and credit risk assessment, a PYMNTS Intelligence report found. Tools for customer growth, the report said, "remain comparatively underdeveloped." The EricaAssist update puts AI in the customer interaction part of the business.
The rollout follows a separate AI tool Bank of America introduced in March for its wealth management businesses, Merrill and the Private Bank. That tool handles preparation and note-taking for financial advisers.
Erica, the bank's consumer-facing virtual financial assistant, was averaging more than 58 million interactions per month as of August and has surpassed 3 billion interactions since its 2018 launch.
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