Bank of America’s Erica® Completes More Than 50 Million Client Requests in First Year

Virtual Financial Assistant Surpasses 7 Million Users

CHARLOTTE, N.C.–(BUSINESS WIRE)–Bank of America today announced that its virtual assistant, Erica,
is already helping more than 7 million clients stay on top of their
finances through the company’s award-winning mobile app. Since its
nationwide rollout in June 2018, Erica has:

  • Completed over 50 million client requests – from everyday banking
    activities to more complex tasks – through the latest in artificial
    intelligence (AI), predictive analytics and natural language
    processing.
  • Been engaged by an average of more than 500,000 new users per month.
  • Doubled the various ways in which clients can ask financial questions
    – from 200,000 at launch to more than 400,000 today – through the
    ongoing expansion of conversational knowledge.
  • Assisted clients across generations, including 15 percent from Gen Z,
    49 percent millennials, 20 percent Gen X and 16 percent baby
    boomers/seniors.

“The personalized, proactive and predictive nature of Erica’s guidance
is what will continue to make the solution unique and powerful,” said
David Tyrie, head of advanced solutions and digital banking at Bank of
America. “It’s been a solid first year, but we’re just beginning to
scratch the surface of Erica’s full potential to transform the client
experience and help them live their best financial lives.”

Since launching Erica’s proactive insights late last year to give
clients greater visibility into their full financial picture, daily
engagement with the solution has doubled. On average, 150,000 clients
now tap on the insights proactively shared by Erica each week.

Throughout the remainder of 2019 and beyond, Bank of America will
continue to expand and refine Erica’s capabilities to provide clients
further insights and guidance on optimizing cash flow, managing debt,
monitoring transactions, capitalizing on savings opportunities and
balancing competing priorities to reach critical financial goals. Recent
developments include new insights introduced in March
and a Balance Watch insight launching next month through which Erica
will notify clients when typical spending has the potential to take
their balance below $0 in the next seven days.

For more information about key milestones during Erica’s first year,
click here.

About Bank of America Digital Banking
Bank of America’s digital
banking platform is an evolving source of increased client engagement
and satisfaction serving more than 37 million digital clients, including
more than 27 million active mobile users. Its award-winning mobile app
and online banking were the first to receive J.D. Power’s certification
for “An Outstanding Customer Experience.” During the first quarter of
2019, clients logged into mobile 1.5 billion times and deposited 34
million checks via mobile. To learn more about Bank of America’s digital
offerings visit bankofamerica.com.

Bank of America
Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 66 million
consumer and small business clients with approximately 4,400 retail
financial centers, including approximately 1,800 lending centers, 2,200
financial centers with a Consumer Investment Financial Solutions
Advisor, and 1,500 business centers; approximately 16,400 ATMs; and
award-winning digital banking with more than 37 million active users,
including over 27 million mobile users. Bank of America is a global
leader in wealth management, corporate and investment banking and
trading across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations
across the United States, its territories and approximately 35
countries. Bank of America Corporation stock (NYSE: BAC) is listed on
the New York Stock Exchange.

For more Bank of America news, including dividend announcements and
other important information, visit the Bank
of America newsroom
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www.bankofamerica.com

Bank of America, N.A. Member FDIC © 2019 Bank of America Corporation.

Contacts

Reporters May Contact:
Betty Riess, Bank of America, 415.913.4416
[email protected]

Matt
Card, Bank of America, 617.434.1388
[email protected]

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