But it will be more than a chatbot, says Bank of America spokeswoman Anne Pace.Erica will “proactively reach out to clients to help them manage their financial lives” rather than waiting for the customer to seek assistance, she says.However, Del Valle sees the role of bots expanding in the future.“Bots will provide consumers with optionality,” she says.Results will be generated based on your selections.If you want to compare certain cards from your results, select the Compare Cards checkbox for each card.“You will be able to connect with a bot, ask a question and get a response within seconds.” At Bank of America, an AI assistant named Erica (after the last five letters of the bank’s name) is expected to bow toward the end of 2017.
“Erica would compare it against your spending habits, your saving habits, what you’re using on your credit card, and it would give you advice and suggestions,” Pace says.
Most personal finance chatbots can answer questions about your balance, but they can’t handle all customer service inquiries – at least not yet.
You may still have to call or go on the website or app for answers to more complex questions.
For one, as the technology has advanced, “we can scale computing power faster, driving ability to have AI relatively cheaply in comparison to what it was five years ago,” Oren says.
Brands outside of the financial technology (fintech for short) space are also making consumers more comfortable using chatbots.