Tearsheet Podcast: Exploring Financial Services Together cover image

Tearsheet Podcast: Exploring Financial Services Together

The story of Erica, Bank of America’s homegrown digital assistant

Mar 31, 2025
Hari Gopalkrishnan, who leads Bank of America’s Consumer, Business & Wealth Management Technology team, shares insights on the creation of Erica, the bank's innovative digital assistant. He discusses the early challenges of using natural language processing, the vital need for collaboration across departments, and how user feedback shaped Erica's development. Gopalkrishnan highlights the assistant’s rapid growth in interactions, its expansion into multiple lines of business, and the role of generative AI in enhancing its functionality and user experience.
37:30

Podcast summary created with Snipd AI

Quick takeaways

  • Bank of America developed Erica to simplify banking tasks for users through natural language processing, enhancing the overall customer experience.
  • The digital assistant's expansion into wealth management and corporate support demonstrates its versatility and ability to adapt to diverse organizational needs.

Deep dives

Introduction of Erica and Its Development

Erica, Bank of America's digital assistant, was launched in 2018 to enhance customer interactions with the bank’s services. The development was motivated by the realization that users struggled to navigate an increasingly complex mobile banking app, leading to many still relying on branches and call centers. By leveraging natural language processing, Erica allows users to communicate in everyday language, making banking tasks simpler and more intuitive. This user-centric design aimed to surprise customers with insights about their finances, further improving the overall banking experience.

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