Bank of America has added new generative AI capabilities to EricaAssist, an AI agent that works alongside the bank’s customer service representatives during calls.
New AI capabilities enable EricaAssist to deliver relevant insights in less than three seconds, without interrupting the flow of a conversation, and help customer service representatives provide customers with more personalized service in real-time, Bank of America said Tuesday (July 21). press release.
EricaAssist is used by more than 18,000 customer service representatives. It reduces average call times by about one minute, according to the release.
Because it displays relevant instructions in real-time, it enables employees to focus on talking with customers, according to the release.
“EricaAssist reflects our high-tech, high-touch approach.” Ashley RossBank of America’s head of consumer customer experience and business transformation said in the statement. “By combining human judgment with real-time AI guidance, we help employees navigate complex topics more easily and serve customers more effectively in the moments that matter most.”
Tom Ellis“This technology helps our teammates deliver relevant insights in seconds, while operating with strong governance, transparency and accountability,” Bank of America’s chief information officer and head of consumer technology said in the release.
the PYMNTS INTELLIGENCE a report “Financial services are ahead in the enterprise AI race“I found that financial services and insurance companies are completely reliant on AI, with the most reliable use cases structured and auditable back-office functions such as revenue recognition, credit risk assessment and sales forecasting.
“Financial services companies appear to have chosen to deploy AI when outcomes are certain and the consequences of error are manageable,” the report said. “Customer growth tools (retention, acquisition, experimentation, personalization) are still relatively underdeveloped.”
In another separate proposal for Artificial intelligence toolsBank of America’s wealth management subsidiaries, Merrill Wealth Management and Bank of America Private, said in March that they had begun using AI-powered Meeting Journey, a workflow tool that handles setup, note-taking and follow-up for financial advisors.
In August, Bank of America said that Erica was relying on artificial intelligence at the bank Virtual financial assistant Which helps customers, has averaged more than 58 million customer interactions per month and has surpassed 3 billion interactions since its launch in 2018.
