Bank of America's (BAC) AI Assistant Erica Surpasses 3B Interactions

Bank of America Corporation (NYSE:BAC) is one of the best very cheap stocks to buy according to hedge funds. On August 20, the company announced that Erica, its AI-driven virtual financial assistant, had surpassed 3 billion client interactions since its launch in 2018. Erica serves nearly 50 million users and averages more than 58 million interactions per month.

Clients have spent over 18.7 million hours interacting with Erica; more than 98% of users find the information they need. The virtual assistant has delivered over 1.7 billion proactive, personalized insights, including: highlighting BankAmeriDeals cash back deals based on spending; alerting clients to balance trends for the next 7 days; notifying clients of eligibility for Preferred Rewards; providing guidance on nearly 50 investment-related topics for Merrill clients; and scheduling appointments with seamless handoff to high-touch service channels.

Erica is trained to recognize millions of client questions using a library of over 700 responses; it has undergone over 75,000 updates since launch to improve performance. “Our data science team has made more than 50,000 updates to Erica’s performance since launch – adjusting, expanding and fine-tuning natural language understanding capabilities,” said Nikki Katz, head of digital at Bank of America.

Bank of America Corporation (NYSE:BAC) is one of the largest financial institutions in the world. It offers consumer banking, wealth management, corporate lending, and investment banking services to individuals, businesses, and governments. The company operates through a network of financial centers, ATMs, and digital platforms.

While we acknowledge the potential of BAC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: Cathie Wood Stock Portfolio: Top 10 Stocks to Buy Now and Ken Fisher Stock Portfolio: 10 Stocks to Buy.

Disclosure: None. This article is originally published at Insider Monkey.