This is Michael's third blog in his Shift Up series. You can read the first blog here and second blog here.
On May 21, 2018, Bank of America announced that it was rolling out its chatbot, Erica, to all its mobile customers. On the surface, the premise makes sense. It’s making the bank more relatable. It’s providing real-time customer support to people where artificial intelligence (AI) assistants like Siri and Alexa are becoming the norm. It doesn’t have the limitations that some phone-based IVRs have, and it aims to provide immediate assistance instead of making us wait for a human (we’ve all shouted “representative” or pressed zero dozens of times to get a real person). Erica is a great way for Bank of America to optimize the customer experience.
But let’s pull back the covers and ask some basic questions. How does Erica know the customer so well? How does Erica pull from different sources of information? How does Erica know what products and services to offer? What systems, both homegrown and third party, does Erica need to be effective?