Bank of America to equip virtual assistant Erica with Balance Watch functionality

Maria Nikolova

Through the Balance Watch insight Erica will notify clients when typical spending has the potential to take their balance below $0 in the next seven days.

Bank of America continues to enhance the capabilities of its virtual assistant Erica. Throughout the remainder of 2019 and beyond, Bank of America plans to add functionalities to Erica in order to provide clients further insights and guidance on optimizing cash flow, managing debt, monitoring transactions, capitalizing on savings opportunities and balancing competing priorities to reach critical financial goals. 

The bank aims to add a Balance Watch insight to Erica next month. Through Balance Watch, Erica will notify clients when typical spending has the potential to take their balance below $0 in the next seven days.

This functionality will add to insights introduced in March. The list includes:

  • Recurring charge increase flag: Notifies clients when a recurring charge or membership fee increases unexpectedly, enabling them to take action if needed. For instance, clients can cancel a subscription, reduce an expense, or dispute an incorrect charge they may have otherwise missed. Erica even takes seasonal variations into account for charges such as utility bills.
  • Preferred Rewards: Informs clients when they are eligible for Preferred Rewards, highlights the benefits of the three-tiered membership program, and guides them through the simple enrollment process.
  • Enhanced bill reminders: Alerts clients of all upcoming Bank of America bills and third-party eBills, including credit cards, home and auto loans, utilities, and retail within five days of their due date, and helps them easily schedule payments. The insight also provides an integrated view of all scheduled and recently paid bills with associated payment information.

Bank of America estimates that Erica is already helping over 7 million clients stay on top of their finances through the company’s mobile app. Since its nationwide rollout in June 2018, Erica has completed over 50 million client request thanks to artificial intelligence (AI), predictive analytics and natural language processing.

Erica assists clients across generations, including 15% from Gen Z, 49% millennials, 20% Gen X and 16% baby boomers/seniors.

Read this next


Is the Bank of England facing another storm? Op-Ed by Stuart Cole, macro economist at Equiti Capital

An analysis and opinion editorial by Stuart Cole, macro economist at Equiti Capital, 3 October 2022 on what triggered the UK gilt market sell-off and is the Bank of England facing another storm?

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 

Technology adds stock options APIs to market data platform that includes FX and Crypto has launched a new set of stock options APIs to its entirely self-serve real-time data APIs, which includes stocks, crypto, forex, and options APIs free to use.

Market News

What’s in store for markets this week!

After The UK government unveiled their top tax rate cut, setting fire to GBP Cross pairs, prompting an intensive sell-off on the cable


FinanceFeeds Podcast Ep. #7: Exness’s Elena Krutova shares how to recruit the best talent in FX

FinanceFeeds is delighted to announce the release of the FinanceFeeds Podcast’s seventh episode featuring Elena Krutova, Chief People Officer of Exness, the renowned FX and CFD broker headquartered in Cyprus.