Bank of America clients are using the bank’s AI-driven digital assistant Erica for data-driven insights to manage subscriptions and recurring costs.  

In the third quarter, 20 million bank clients looked to Erica’s insights to specifically understand their spending habits, a bank spokesperson told Bank Automation News. This is up from 19.6 million active Erica users in the second quarter, according to the bank’s Q3 earnings presentation.  

Additionally, in Q3 “Erica had 166 million interactions and 60% of those were insights,” Jorge Camargo, head of digital platforms, told BAN.  Up from 133 million Erica interactions in Q3 2022 and relatively flat compared to the same period last year, according to the bank’s earnings presentation.  

Subscription costs are a common pain point for consumers, he added.  

Using Erica, bank clients can view recurring charges and subscriptions on a quarterly, weekly or monthly basis, he said. And with insights, clients can take transaction data a step further by asking Erica for advice on how to save or manage costs. 

For example, 10% percent of households pay more than $100 per month on streaming services, according to an August Bank of America Institute publication.  

After viewing monthly subscription costs, a client can ask the virtual assistant: “How does this subscription tie into my monthly spend path?” Camargo said. 

Since launching in 2018, Erica has provided personalized insights and guidance over 1.2 billion times, according to the company. In Q3, clients asked Erica more than 3.2 million follow-up questions about viewing, editing and canceling subscriptions, the spokesperson said.

“Subscription insight has really been one of the flagship areas of engagement that we have,” Camargo said. 

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