[Video] A Look At Bank of America’s New Chatbot And ATM

Money20/20, the world’s largest conference geared towards the financial services industry, continues to generate big announcements from heavy hitters.

Just yesterday, Bank of America’s Head of Digital Banking, Michelle Moore, introduced us to Erica (a play off the company’s name), a digital assistant that is driven by artificial intelligence, predictive analytics, and cognitive messaging. The technology, which can also be referred to as a chatbot, will enable its 21 million mobile app users to check and pay off balances, save money based on personalized recommendations, as well as carry out other tasks.

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Erica is scheduled to be released to the public in 2017.

During the same presentation, we were also given a sneak peek of Bank of America’s future ATM, which Ms. Moore referred to as a “personal financial concierge.” The new ATM will tightly connect with mobile phones, in order to enable customers to pre-stage transactions. From their phones, users can begin the process to withdraw and deposit funds, and then complete the transactions by holding a phone over an ATM’s NFC reader. With the bank’s new ATM, customers will also be able to perform additional services, such as schedule appointments with specialists in its financial centers.