In an era where customers demand fast, personalized, and 24/7 service, businesses need not only good products but also smart operational solutions. Especially in the financial sector, the pressure to serve tens of millions of customers daily forces many corporations to turn to technology to reduce workload. Bank of America (BoA) is one of the pioneering organizations in applying AI assistants to customer service, and has achieved outstanding results thanks to its "virtual assistant" Erica.

The importance of AI Assistants in customer service.

AI is not just an automation tool; it's becoming a "second brain" for businesses. For large corporations like BoA, investing in AI assistants addresses a range of challenges: reducing pressure on customer service centers, optimizing operating costs, and improving user experience across tens of millions of customers.

In a context where customers are increasingly accustomed to finding immediate answers, traditional solutions like hotlines or email are no longer sufficient. AI assistants are emerging as a flexible support channel, operating 24/7 and capable of handling massive volumes of interactions without expanding staff.

Erica - The virtual assistant that changed the way BoA serves customers.

Bank of America (BoA) is one of the largest banks in the United States and belongs to the group of leading global financial corporations. With tens of millions of individual customers, hundreds of thousands of businesses, and a global network of branches, BoA handles a massive volume of transaction requests and customer support every day.

Erica, short for e-RICA (Electronic Robotic Intelligent Conversational Agent), is directly integrated into BoA's mobile application. It's not just an automated chatbot; it's an intelligent AI assistant capable of understanding and acting upon each customer's financial data.

What sets Erica apart is its ability to provide comprehensive solutions for personal financial management needs. When users need to check their balance, find transactions, or reset their password, Erica can respond instantly. Beyond simply answering questions, Erica proactively sends intelligent alerts, such as reminding customers when they are overspending or when their account is at risk of going into negative balance.

Another highlight is Erica's helpfulness and guidance: from budgeting and opening savings accounts to assisting with emergencies like freezing a lost card. In particular, customers can perform simple transactions like transferring money or paying bills using only voice commands or text messages – a convenient and user-friendly experience.

Bank of America's Erica AI interface

Source: Financial Brand

The success that Bank of America has achieved

Within just a few years of its launch, Erica has become one of the most popular AI assistants in the financial industry. Millions of requests are processed automatically each month, saving banks enormous operating costs that would otherwise be spent on customer service centers.

Beyond just saving money, Erica quickly reached over 30 million users and processed hundreds of millions of requests. This demonstrates that customers are fully willing to trust and use AI for personal financial matters – an area traditionally considered sensitive and requiring absolute precision.

Most importantly, Erica helped BoA enhance the customer experience. Instead of waiting, customers received instant, personalized feedback based on real-world data. Satisfaction increased, loyalty was strengthened, and the bank gained a sustainable competitive advantage in the market.

Lessons for SMEs when applying AI

BoA's case study shows that AI isn't just for large corporations. Vietnamese SMEs, with limited resources and competitive pressure, can absolutely apply AI to optimize operations. While Erica directly serves end customers by responding to and processing requests automatically, GTG CRM is designed to help business owners manage more effectively through data analysis and strategic suggestions.

For example, SMEs often waste time processing repetitive customer questions, such as product prices, stock availability, or return policies. GTG CRM can suggest appropriate answers for business owners or employees to use, saving time and ensuring consistency in communication. Furthermore, GTG CRM analyzes data from sales platforms like Shopee or Lazada, providing insights and actionable suggestions to improve business efficiency.

GTG CRM - Bringing AI Assistant closer to SMEs

Unlike Erica, which is designed to interact directly with end customers, GTG CRM's AI Assistant functions as a "business-specific GPT chat," supporting business owners in managing and developing their business. As one of GTG CRM's standout features, this virtual assistant allows users to ask questions about business situations using natural language, for example:

• "What was the revenue this week?"
• "Report on the effectiveness of Facebook advertising campaigns this past week"
• "How many new customers did we get this month?"
• "Which customer groups need extra attention?"

AI Assistant not only provides instant answers based on business data but also analyzes it to offer specific action suggestions. For example, if an advertising campaign isn't performing well, the AI can suggest adjusting the budget or focusing on a specific target customer group. If a potential customer group is identified, the AI will propose a suitable customer care scenario.

The GTG CRM platform also integrates AI content creation, including creating content for social media posts, advertising content, Google Ads, landing pages, and even generating relevant illustrations and suggesting customer responses.

GTG CRM's AI Assistant helps business owners report on advertising effectiveness.

Conclude

The Bank of America case study with Erica demonstrates that AI assistants are strategic levers, helping businesses save costs and improve efficiency. Erica assists end customers in managing personal finances, while GTG CRM empowers Vietnamese business owners with insights and strategic suggestions based on data. Despite differing target audiences, both leverage AI for automation, analysis, and optimization, delivering superior value. For Vietnamese SMEs, GTG CRM presents an opportunity to transform AI into a real competitive advantage, enabling more effective business management in an increasingly competitive market. Start with GTG CRM to optimize operations and drive growth today!