Bank of America Reports Impressive Demand for AI Driven Financial Assistant | Financial Buzz

Bank of America Reports Impressive Demand for AI Driven Financial Assistant

Bank of America Corporation (NYSE: BAC) reported interesting statistics regarding its artificial intelligence (AI) – driven virtual financial assistant, Erica®. According to the bank, the virtual assistant has surpassed 10 million since its nationwide launch earlier in summer 2018, and it is currently on track to complete 100 million client requests.

Now, there are several updates to Erica’s software. The latest enhancements include a new Refund Confirmation Insight through which clients are proactively notified when a merchant refund is posted and available to use in their checking, savings or credit card accounts.

“Erica is ushering in a new era of personalized banking and providing our clients never-before-possible convenience,” said David Tyrie, head of advanced solutions and digital banking at Bank of America. “Our high-tech capabilities together with our high-touch approach deliver a more intuitive and efficient banking experience for our clients across all channels.”

AI driven services like Erica are becoming more and more popular. While the effects of AI and automation maybe positive for the economy overall, severe consequences such a job loss and misplacement are expected. Experts warn that a wide range of both blue-collar and white-collar jobs will be overtaken by machines in the next couple of decades.

Kai Fu Lee, a pioneer in AI who has previously worked for Apple and Google explained in an interview with CBS that, “AI will increasingly replace repetitive jobs, not just for blue-collar work, but a lot of white-collar work… Basically chauffeurs, truck drivers anyone who does driving for a living their jobs will be disrupted more in the 15- to 20-year time frame and many jobs that seem a little bit complex, chef, waiter, a lot of things will become automated, we’ll have automated stores, automated restaurants.”

AI, Automation and its consequences are currently the centerpiece of a Democratic Presidential Candidate Andrew Yang. Sticking to the warnings of future technological innovations inspired by  industry experts seems to be working for the candidate, who just became the 7th and probably last candidate to qualify for the December democratic Debates. 

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!