With Erica, the company hopes to help consumers create better money habits, said Michelle Moore, Bank of America's head of digital banking. For example, Erica might send someone a predictive text: "Michelle, I found a great opportunity for you to reduce your debt and save you $300."
Click the text to launch the app, and get Erica's advice. "Based on your typical monthly spending, you have an additional $150 you can be putting towards your cash rewards Visa. This can save you up to $300 per year."
Though many banks have bots with some level of artificial intelligence, the customer experience has not always been great, said Daniel Latimore, senior vice president of Celent's banking practice. Consumers are now accustomed to the types of seamless mobile experiences provided by apps like Uber and Airbnb and want better banking experiences, he said.
"The whole notion of customer experience for banks is so, so critical right now," said Latimore. "They have challenges like security and being bulletproof — but consumers don't care about all the constraints. They just know they can get great experiences elsewhere and they want it from their bank too."