What is the new Voice AI banking system called Erica by Bank Of America and why is it important? originally appeared on Quora: the knowledge sharing network where compelling questions are answered by people with unique insights.
Answer by Brian Roemmele on Quora:
"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.”—Erica
Banking Is One Of The Pillars To The Voice First Revolution
In the early part of 2016, many voice experts thought that systems like Amazon’s Alexa were nothing more than a novelty [1]. I politely disagreed [2] and went about talking about the Voice First revolution for the rest of the year. History shows it is very easy for some of the people that are the closest to the technology to become blinded to the greater possibilities. The same is true for industry analysts [3]. I assert that history will show this thinking was at play at the dawn of the Voice First revolution.
Erica Is Not A Replacement For Your Bank Teller Or ATM Machine, But Something Much More
On October 24th 2016, another milestone was put forth by Bank of America with the introduction of Erica [4] as in I AmErica. Bank of America released Erica today at the annual Money 2020 event and will begin to present the system via a spectrum of Voice First systems including their own app to its 45 million customers.
Specimen of a the Erica app screen.
What Can Erica Do?
I have called this Voice First, Voice Commerce, Voice Payments, and Voice Banking and the innovation is on schedule [5]. Bank of America customers performed more than 246 billion payments in the third quarter of 2016. Their mobile banking customers logged into their accounts more than 950 million times, or 46 times per user, over that same period. With this data, along with thousands of other Machine Learning (ML) inputs, the Artificial Intelligence (AI) that Bank Of America is using already has a very good idea what sort of queries to program into the algorithm behind Erica. Over time, the ontology domains will continue to grow and become even more specific and personalized.
Erica will also be highly proactive:
“Michelle, I found a great opportunity for you to reduce your debt and save you $300.”
By using AI + ML Erica will constantly scan the user’s financial state and offer opportunities to optimize and consolidate all banking functions to the benefit of the user. This is a powerful new extension of real-time Voice Banking that will lead to having access to money management and advice that previously was only available to high net worth and institutional banking clients. This extends powerful tools to even the smallest banking customer.
Erica could recommend taking steps to improve a low credit rating she noticed by constantly monitoring your vital banking and financial elements. She may also recommend to make a higher monthly payment on an outstanding credit card balance to reduce interest expenses. The possibilities are endless.
In response to a request for a checking account balance, Erica may report that the customer is in danger of overdrawing the account, based on recent spending, and suggest immediately transferring funds from a savings account.
Erica will ultimately become a virtual system that will work on a number of Voice First platforms, including Siri, Alexa, Cortana, Watson, Viv, and many others.
Erica Will Not Take Away Human Contact But Will Create A New Relationship
The point of Erica is not to replace humans but to move the banking experience and perhaps the banking system into step with other advancements we find in technology. It is revolutionary and an important milestone in Banking, AI and Voice. As systems like Erica integrate deeply into our lives, the possibility of fully synchronized Voice Banking, Voice Payments and Voice Commerce will define the next 50 years. Erica will not take away human interaction and human contact in banking, but create entirely new and personal relationships.
The next 10 years we will see the rise of Voice Commerce, Voice Payments, and Voice Banking on Voice First devices from Amazon, Apple, IBM, Microsoft, Google, Samsung and many others. Voice Banking is a natural extension to Voice Payments on to Voice Commerce. The impact is so wide and deep, it will change everything we have seen in the last 50 years.
I have stated that in the next 10 year 50% of computer interactions will be via Voice. With Erica, we have taken a large step into this Voice First revolution.
[3] Bots Aren't Ready To Be Bankers
[4] Bank of America launches AI chatbot Erica — here's what it does
[5] There is A Revolution Ahead and It Has A Voice
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