Bank of America Mobile Payments Efforts Break New Ground

We know that Bank of America has been making a lot of strides when it comes to mobile payments these days, thanks to its spearheading of the Zelle project. Additionally, it’s AI-driven assistant Erica has likewise been catching on in a pretty big way with users. In fact, Bank of America recently tipped us off about just how far Zelle and Erica have come, and both recently hit some big milestones.

Erica, the virtual financial assistant, recently hit the two million mark for users, which is actually a feat in itself as it added on what amounts to double the users in the space of one month. Erica offers some of the latest advances in AI and natural language processing to help get customers answers to their questions as those customers would ask.

Plus, there are some planned upgrades set to arrive over the next several months, including spending tracking with weekly snapshots, month-to-month change tracking in FICO scores, a subscription tracker to help spot those recurring bills, and a credit card reminder system to track and remind of credit card payments due.

It would be hard to overshadow such a feat, but Zelle certainly made a move on that front. Zelle, meanwhile, posted its fourth million user only recently, with 35 million total transactions in 2018’s second quarter alone, with a cumulative value of $10 billion, the reports noted. Comparing both figures to the second quarter of 2017 shows a staggering upward trend, with users up 143 percent and transaction value up 118 percent.

There’s no doubt that Bank of America’s mobile front is exploding, and with good reason. It’s likely looking forward to the day it doesn’t have to pay but a handful of tellers any more, if any at all. Many banks have made moves away from the physical bank branch, and with the millennials enamored with technology in general—there are some signs that Generation Z, immediately after, is less enthused about technology than its immediate predecessor—offering a robust technology profile is a means to get ahead.

Regardless of the overall plan, though, it’s clear Bank of America has come a long way and made plenty of customers happy in the process. The user numbers make that much clear.