Bank of America to Launch Digital Assistant “Erica” for Mobile App
Bank of America is releasing several digital features to provide a better user experience for bank customers. These services are already available to bank employees, but clients can access them in the coming months.
One of the biggest changes to the Bank of America mobile app is the addition of “Erica.” Starting in March, clients will be able to use this Siri-like virtual assistant to check their balances, transfer money between their accounts, or send money to peers with Zelle. The mobile app is available for both Apple and Android devices.
Bank of America is also launching a number of niche products, including:
- The ability to complete a mortgage loan application in the app and approval status with Home Loan Navigator (available in April).
- A mobile car shopping tool that lets users browse for vehicles at local dealerships and get estimates for loan rates and payment amounts (available now).
- MyRewards Hub, a digital service that streamlines rewards redemption across all Bank of America credit cards, BankAmeriDeals and Preferred Rewards accounts (available this summer).
Ironically, Bank of America was recently under fire for eliminating a mobile-driven product. Customers were outraged when the bank decided to permanently shut down its eBanking checking account. This checking account was free to maintain as long as customers did not use tellers to complete transactions. Accountholders that used in-network ATMs and signed up for e-statements could bypass the $8.95 monthly fee.
In addition to the new mobile innovations, Bank of America will open 500 new financial centers over the next four years.