Insight into the Future of Digital Banking: A Conversation with Bank of America’s Head of Digital, Nikki Katz

The Future of Banking: How AI is Revolutionizing Digital Banking

In a recent survey conducted by the American Bankers Association, it was revealed that the most popular banking method among Americans is through mobile smartphone apps, followed closely by internet banking on a laptop. This shift towards digital banking has been further emphasized by the increasing use of AI technology in the industry.

Nikki Katz, the head of digital at Bank of America, shared her insights on the data and the behavior of digital banking clients in a recent interview with Wealth! According to Katz, customers are increasingly expecting a seamless and convenient digital banking experience, regardless of the aspect of their financial lives they are interacting with.

With 57 million digital clients at Bank of America alone, the trend towards digital banking is undeniable. Katz highlighted that clients are not only using digital channels more frequently but also engaging with their finances in new ways. For example, Bank of America’s virtual financial assistant, Erica, has been interacted with over 2 billion times since its launch, providing proactive insights to clients.

As the industry continues to evolve, the role of AI in digital banking is becoming more prominent. Katz emphasized that customers are looking for ease and convenience in their banking experiences, and AI-driven tools like Erica are helping to meet those expectations. With the increasing comfort level of customers with AI-driven experiences, the future of digital banking looks promising.

To learn more about the latest trends in digital banking and expert insights from industry leaders like Nikki Katz, be sure to watch the full episode of Wealth! for a deeper dive into the data and the future of banking.