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I, Robot: The rise of virtual assistants in finance

Virtual assistants are now handling millions of financial requests a year and transforming financial services. For example, Bank of America recently announced that its virtual assistant helped serve more than seven million clients with over 50 million requests in its first year. IPsoft’s Martin Linstrom explains why virtual assistants are here to stay.

FS Jul Aug 19 - Robot image Bank of America hit the headlines recently when it announced that its virtual assistant, Erica, helped more than seven million clients with over 50 million requests in its first year. And this is not just basic everyday financial tasks, but more complex requirements too.

Using the latest in artificial intelligence (AI), predictive analysis and natural language processing, Erica can provide real insights to clients on how to manage their finances, including cash flow, debt, transactions and balancing competing priorities. From June, it is also now able to notify clients when typical spending has the potential to take their balance below zero within seven days.