Bank of America\u00a0has added new generative artificial intelligence capabilities to EricaAssist, an AI agent that works alongside the bank\u2019s customer service representatives during calls.<\/p>\n
The new AI capabilities enable EricaAssist to deliver relevant insights in under three seconds, without interrupting the flow of the conversation, and help customer service representatives provide clients with more personalized service in real time, Bank of America said in a Tuesday (July 21)\u00a0press release<\/a>.<\/p>\n EricaAssist is used by more than 18,000 customer service representatives. It reduces average call times by\u00a0nearly one\u00a0minute, according to the release.<\/p>\n Because it surfaces relevant guidance in real time, it enables employees to focus on talking with clients, per the release.<\/p>\n \u201cEricaAssist reflects our high-tech, high-touch approach,\u201d\u00a0Ashley Ross<\/a>, head of consumer client experience and business transformation at Bank of America, said in the release. \u201cBy combining human judgment with real-time AI guidance, we\u2019re helping employees navigate complex topics more easily and serve clients more effectively in the moments that matter most.\u201d<\/p>\n Tom Ellis<\/a>, chief\u00a0information officer\u00a0and\u00a0head\u00a0of\u00a0consumer technology\u00a0at Bank of America, said in the release: \u201cThis technology helps our teammates deliver relevant insights in seconds, while operating with strong governance, transparency and accountability.\u201d<\/p>\n The\u00a0PYMNTS Intelligence<\/a>\u00a0report \u201cFinancial Services Pulls Ahead in the Enterprise AI Race<\/a>\u201d\u00a0found that financial services and insurance firms are going all in on AI, with the most adopted use cases being structured, auditable back-office functions such as revenue recognition, credit risk\u00a0assessment\u00a0and sales forecasting.<\/p>\n \u201cFinancial services firms appear to have chosen to deploy AI when outcomes are\u00a0certain\u00a0and the consequences of error are manageable,\u201d the report said. \u201cThe tools for customer growth (retention, acquisition, experimentation and personalization) remain comparatively underdeveloped.\u201d<\/p>\n In another, separate rollout of\u00a0AI tools<\/a>, Bank of America\u2019s wealth management businesses, Merrill Wealth Management and Bank of America Private Bank, said in March that they had begun using AI-Powered Meeting Journey, a workflow tool that handles preparation, note-taking and follow-up for financial advisers.<\/p>\n