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/ THREADS Enter Erica

BofA’s virtual assistant uses AI to offer proactive suggestions By Ashley Bray, contributing editor

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n a year when Amazon’s Echo and Echo Dot—digital devices that communicate with the company’s Alexa digital concierge—were among the hottest gift items, it’s no surprise that banks are ramping up their efforts in this space. Several, including Capital One Bank, are already working with Amazon. Others are blazing their own trails, including Ally Bank and Canada’s Tangerine Bank, as reported in an earlier issue of Banking Exchange (August/ September 2016, p. 32). Add Bank of America to that list. The number two bank in the United States stands to make a big statement with the rollout of its virtual assistant, Erica, sometime in 2017. Users will interact with Erica through voice or text, and she will be driven by the latest artificial intelligence, predictive analytics, and cognitive messaging

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Postcards from a good quarter

NET INCOME UP 13%

Strong loan and deposit growth offset increased charge-offs in the third quarter and decreased net interest margins. Community banks outpaced the industry in loan and revenue growth.

$40.4 billion 3rd quarter '15

Source: FDIC Quarterly Banking Profile.

*FDIC-insured institutions

BANKING EXCHANGE

December 2016/January 2017

$45.6 billion 3rd quarter '16

FEWER BANKS* 5,980 3rd quarter '16 6,270 3rd quarter '15


December 2016 January 2017 Banking Exchange