Bank of America Enhances EricaAssist with Generative AI to Help Employees Resolve Client Needs Faster

Bank of America (NYSE: BAC) announced enhancements to EricaAssist, its human-assisted AI agent used by more than 18,000 customer service representatives to support client conversations in real time.

Rhea-AI Summary

Bank of America (NYSE: BAC) announced enhancements to EricaAssist, its human-assisted AI agent used by more than 18,000 customer service representatives to support client conversations in real time. New generative AI capabilities summarize client reasons for calling, surface relevant information and recommend next steps in under three seconds.

According to Bank of America, EricaAssist reduces average call times by nearly one minute per interaction, supporting faster resolution and improved client experience while keeping employees in control of decisions. The bank plans to expand EricaAssist to additional servicing scenarios and business lines later in 2026 and highlighted its annual $14 billion technology budget, including over $4 billion for new initiatives such as AI.

Positive

• 18,000+ employees currently use EricaAssist to support client interactions
• New Gen AI guidance delivered in under three seconds during calls
• EricaAssist cuts average call time by nearly one minute per interaction
• Annual tech spend of $14 billion, with $4 billion for new initiatives including AI

Negative

• None.

Argus Jul 21 session

+1.32% close to close Open Argus

Details

News Market Reaction – BAC

On Jul 21, the day this news came out, BAC closed 1.32% above the previous close.

Data tracked by StockTitan Argus for the Jul 21 session.

Key Figures

Employees Using EricaAssist: More than 18,000 employees Guidance Delivery Time: Under three seconds Call-Time Reduction: Nearly one minute per interaction +5 more

Employees Using EricaAssist

More than 18,000 employees

Current EricaAssist usage

Guidance Delivery Time

Under three seconds

Generative AI contextual guidance

Call-Time Reduction

Nearly one minute per interaction

Average call-time reduction

Annual Technology Spending

$14 billion annually

Bank of America technology investment

New Technology Initiatives

More than $4 billion

Annual allocation including AI

Clients Served

Nearly 70 million clients

United States operations

Retail Financial Centers

Approximately 3,500

United States footprint

Verified Digital Users

Approximately 60 million

Digital banking users

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Key Terms

generative ai

1 terms

generative ai technical

"New Generative AI (Gen AI) capabilities deliver contextual guidance"

Generative AI is a type of computer technology that can create new content, like text, images, or music, on its own. It’s important because it can produce realistic and useful material quickly, which could change how we create art, write stories, or even develop new products. Think of it as a smart robot that can invent and produce things almost like a human.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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New AI capabilities deliver relevant insights in seconds, helping employees provide more personalized client service in real-time

Key takeaways

• More than 18,000 employees use EricaAssist as a human-assisted AI agent to help serve clients.
• New Generative AI (Gen AI) capabilities deliver contextual guidance in under three seconds, helping resolve client needs faster and supporting decision making by customer service representatives.
• EricaAssist reduces average call times by nearly one minute per interaction, improving efficiency and client experience.

CHARLOTTE, N.C., July 21, 2026 /PRNewswire/ -- Bank of America (BofA) today announced enhancements to EricaAssist, its human assisted AI agent that supports employees during client conversations, delivering real time insights that help resolve client needs faster while keeping the employee at the center of the experience.

Used by more than 18,000 customer service representatives, EricaAssist works alongside employees during calls – summarizing and surfacing relevant guidance in real time – so employees can focus on listening to and understanding clients, explaining solutions, and building stronger relationships. The enhancements are making our human agents better and providing our customers with an improved and more efficient experience.

"EricaAssist reflects our high tech, high touch approach," said Ashley Ross, Head of Consumer Client Experience and Business Transformation at Bank of America. "By combining human judgment with real time AI guidance, we're helping employees navigate complex topics more easily and serve clients more effectively in the moments that matter most."

Bank of America customer service representatives use generative AI capabilities within EricaAssist to summarize why a client is calling, pull together relevant information, and recommend next steps based on the employee's role and the client's relationship with the bank – all without interrupting the flow of the conversation.

"This technology helps our teammates deliver relevant insights in seconds, while operating with strong governance, transparency, and accountability," said Tom Ellis, Chief Information Officer and Head of Consumer Technology at Bank of America.

Later this year, Bank of America plans to expand EricaAssist to support additional servicing scenarios and business lines.

Frequently asked questions

Question: Why enhance EricaAssist with GenAI capabilities?

Answer: Enhancing EricaAssist reflects the bank's focus on continuously improving how employees access and deliver personalized guidance and resolve client needs faster.

Question: How do EricaAssist enhancements reflect Bank of America's broader investments in technology?

Answer: Bank of America spends $14 billion annually on technology, of which more than $4 billion is allocated to new initiatives, including AI. These ongoing investments, combined with our high-tech, high-touch approach, continue to enhance our client experiences across all channels and to drive operational efficiencies across the company.

Question: Why blend AI with employee decision making?

Answer: Our responsible AI strategy ensures human oversight, transparency, and accountability for all outcomes. By leveraging AI at scale across our global operations, we are optimizing performance and improving client experiences. EricaAssist works alongside employees, supporting their decision-making and service. Employees ensure clients receive thoughtful guidance, with AI operating within established governance and oversight.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact
Catherine Page, Bank of America
Phone: 1.704.519.7314
catherine.page@bofa.com

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SOURCE Bank of America Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Bank of America (BAC) announce about EricaAssist on July 21, 2026?

Bank of America announced new generative AI enhancements to EricaAssist on July 21, 2026. According to Bank of America, these upgrades deliver real-time contextual guidance in under three seconds to help employees resolve client needs faster while maintaining human oversight in decision making.

How does EricaAssist with generative AI help Bank of America (BAC) employees serve clients?

EricaAssist uses generative AI to summarize why a client is calling, surface relevant information, and recommend next steps. According to Bank of America, it operates alongside more than 18,000 representatives, supporting their decision-making so they can focus on listening, explaining solutions, and building client relationships.

What efficiency gains does Bank of America (BAC) report from using EricaAssist?

Bank of America reports that EricaAssist reduces average call times by nearly one minute per interaction. According to Bank of America, faster access to contextual insights helps resolve client needs more quickly, which can improve both operational efficiency and overall client experience in its contact centers.

How many Bank of America (BAC) employees use EricaAssist and in what roles?

More than 18,000 Bank of America customer service representatives currently use EricaAssist. According to Bank of America, the human-assisted AI agent works during live calls to summarize conversations and provide tailored guidance based on the employee’s role and the client’s relationship with the bank.

How much does Bank of America (BAC) invest in AI and technology each year?

Bank of America spends about $14 billion annually on technology, with over $4 billion for new initiatives including AI. According to Bank of America, these investments support its high-tech, high-touch strategy to enhance client experiences and drive operational efficiencies across all channels.

How does Bank of America (BAC) ensure responsible use of AI in EricaAssist?

Bank of America applies a responsible AI strategy emphasizing human oversight, transparency, and accountability for outcomes. According to Bank of America, EricaAssist supports but does not replace employees, operating within established governance frameworks so teammates remain responsible for the guidance clients ultimately receive.