The news: Bank of America is adding a human element to its artificial intelligence-powered (AI) virtual assistant Erica, per Banking Dive.
A human touch: Launched in 2018, Erica has become one of the most-accessed virtual banking assistants, helping 32 million customers with over 1 billion interactions. Now, BofA is enhancing the chatbot to give customers even more personalization and tailored product recommendations.
- Beginning in early 2023, users who begin interacting with Erica online will be able to switch to speaking with a human agent when they need more help. The agent can pick up where the chatbot left off.
- After the agent resolves the issue, the client can resume their interaction with Erica.
- Erica uses natural language processing, and its predictive nature can anticipate why a consumer is reaching out. The ability to switch to a human agent provides a more personalized experience for the consumer, letting the agent use information collected by Erica to suggest specific products to the client.
Appealing to young and old: Banks’ digital transformations, accelerated by the pandemic, have changed the way many consumers manage their financial lives. BofA recognized that it’s not just younger generations who are using Erica: Older clients are also taking advantage of the technology. But the bank realized that consumers of all ages still crave some human interaction.
- 95% of consumers say it’s helpful to switch instantly from an online chat to a phone call, and 54% say they’re more comfortable speaking with a human about sensitive financial matters, according to a report from telecom and cloud provider Sinch.
- Older generations are making the move to digital banking, but 38% of baby boomers and 31% of Gen Xers prefer to speak to a customer service representative on the phone, according to a report from tech consulting firm Capco.
- Studies from KeyBank and J.D. Power revealed that millennials and Gen Zers prefer a combination of digital and human interactions when they’re banking.