Bank of America Upgrades EricaAssist for 18,000 Reps, Cutting Call Times by Nearly 1 Minute
Updated
Updated · InvestmentNews · Jul 24
Bank of America Upgrades EricaAssist for 18,000 Reps, Cutting Call Times by Nearly 1 Minute
3 articles · Updated · InvestmentNews · Jul 24
Summary
Bank of America said its enhanced EricaAssist now gives more than 18,000 customer service representatives contextual guidance in under three seconds during client calls.
The generative AI tool helps staff summarize client needs, surface relevant information and suggest next steps without breaking the conversation flow; the bank said it already trims average call times by nearly one minute.
BofA spends $14 billion a year on technology, including more than $4 billion on new initiatives such as AI, and plans to extend EricaAssist to more servicing scenarios and business lines later in 2026.
The rollout comes as wealth managers accelerate AI spending but still struggle to prove returns: an F2 Strategy survey found 64% of firms lack a unified data layer, though 68% of those measuring AI reported 25% efficiency gains.