Bank of America shares close lower on Tuesday, over 1 million clients reportedly using bank’s Erica virtual assistant

June 13, 2018 10:21 am

Bank of America Corp (BAC) said on Tuesday that more than 1 million clients were now using Erica, the first widely available AI-driven virtual assistant in financial services, which they can access through the bank’s mobile banking app.

Bank of America shares closed lower for the third time in the past eight trading sessions in New York on Tuesday. The stock went down 0.53% ($0.16) to $29.90, after touching an intraday low at $29.75, or a price level not seen since June 6th ($29.28).

Shares of Bank of America Corporation have risen 1.29% so far in 2018 compared with a 4.24% gain for the underlying index, S&P 500 (SPX).

In 2017, Bank of America’s stock surged 33.57%, thus, it outperformed the S&P 500, which registered a 19.42% return.

According to the lender, the 1 million-user milestone was achieved within two months of completing Erica’s phased introduction.

Erica utilizes cutting-edge technology in artificial intelligence, predictive analytics as well as natural language. As a result, Bank of America customers are able to interact with the virtual assistant in a number of ways – by texting, by talking or by tapping options on their mobile device’s screen.

Erica has been used primarily for transaction searches, balance information and bill checking, while some customers have also used the virtual assistant in order to get their credit scores and account numbers.

“Our clients are increasingly asking for mobile services that make their lives easier, and Erica is becoming a growing choice for its convenience and personal solutions”, Michelle Moore, head of digital banking at Bank of America, was quoted as saying in the company’s press release.

“As we continue to advance our work on AI-driven developments, it is important that we listen to our users today and further enhance Erica to align to client feedback to better meet and anticipate needs”, Moore added.

According to CNN Money, the 29 analysts, offering 12-month forecasts regarding Bank of America’s stock price, have a median target of $35.00, with a high estimate of $37.00 and a low estimate of $28.00. The median estimate is a 17.06% surge compared to the closing price of $29.90 on June 12th.

The same media also reported that 16 out of 30 surveyed investment analysts had rated Bank of America’s stock as “Buy”, while 9 – as “Hold”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the Bank of America stock are presented as follows:

R1 – $29.95
R2 – $29.99
R3 (Range Resistance – Sell) – $30.04
R4 (Long Breakout) – $30.18
R5 (Breakout Target 1) – $30.34
R6 (Breakout Target 2) – $30.41

S1 – $29.85
S2 – $29.81
S3 (Range Support – Buy) – $29.76
S4 (Short Breakout) – $29.62
S5 (Breakout Target 1) – $29.46
S6 (Breakout Target 2) – $29.39

By using the traditional method of calculation, the weekly levels of importance for Bank of America Corporation (BAC) are presented as follows:

Central Pivot Point – $29.79
R1 – $30.53
R2 – $31.04
R3 – $31.78
R4 – $32.51

S1 – $29.28
S2 – $28.54
S3 – $28.03
S4 – $27.51

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