Bank of America enlists AI to pay your mortgage

Erica introduced to bank’s mobile clients

Bank of America announced Friday the release of its artificial intelligence-driven virtual assistant to assist mobile customers with their financial services.

The virtual assistant, Erica, is still learning and becomes smarter the more she is used. She can perform tasks such as tell customers when their mortgage is due, or even pay their mortgage for them.

This comes on the heels of the bank’s new digital mortgage platform, which it launched back in April and allows customers to complete the mortgage application process via their mobile device or on Bank of America’s website.

“Everything we do is based on what we hear from our clients: how they want to interact with us and how we can make their financial lives better,” said Michelle Moore, Bank of America head of digital banking. “Erica delivers on this in many ways, from making it easy for clients to find what they are looking for to providing new and interactive ways to do their banking using voice, text or gesture.”

“Through Erica, we are also delivering personalized solutions at scale by providing insights, such as how you can improve your credit score or create a budget,” Moore said.

Erica can do more than just meet customers’ mortgage needs, and is designed to help them in all aspects of financial services.

Some of the sample questions Bank of America said customers can ask the virtual assistant include:

Did my FICO Score change since last month?

Which of my cards are locked?

Did someone send me money?

Do I have any past due bills?

Did I have any grocery purchase over $100?

Of course, these are just a few of the things Erica will be able to handle. For more examples, click here.

But Bank of America’s vision for Erica goes beyond completing simple tasks. The company says it hopes, with time, the virtual assistant will be able to help consumers make financially sound decisions.

“Erica’s knowledge of banking and financial services increases with every client interaction,” said Aditya Bhasin, Bank of America head of consumer and wealth management technology. “In time, Erica will have the insights to not only help pay a friend or list your transactions at a specific merchant, but also help you make better financial decisions by analyzing your habits and providing guidance.”

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