Bank of America’s innovation is never complete since its team constantly updates offerings to meet ever-changing client needs.  

“At Bank of America, innovation is everybody’s job,” Jorge Camargo, managing director of mobile app, online banking and Erica AI at Bank of America, told Bank Automation News. “We’re constantly listening to clients and building solutions to improve and simplify their experiences.”

For example, the bank’s virtual assistant, Erica, which launched nearly six years ago, has been updated 50,000 times to keep up with client questions and requests, he said, noting that Erica recently reached a milestone of 2 billion interactions.  

A BAN analysis indicates that equates to more than 22 Erica updates per day. 

“This ongoing tuning is a continuous monitoring and retraining process that we conduct in the background to help drive client satisfaction and engagement,” Camargo said.  

The bank is constantly increasing the number of questions Erica can respond to, fine-tuning Erica’s natural language understanding capabilities and acting on client feedback, he said.  

The bank plans to continue innovation and investment “in areas that enable us to deliver personalized insights, proactive advice and resources that help our clients efficiently manage their finances and enjoy the moments that matter,” Camargo said.