“Tapping capabilities of the bank’s AI-powered virtual assistant Erica to handle internal self-service has also led to a considerable reduction in help desk inquiries at the bank, he added. BofA has said Erica handles the work of about 11,000 people.
The Charlotte, North Carolina-based lender expects to double its expense budget for AI next year, Bank of America CEO Brian Moynihan said last week at a Barclays conference appearance. About 140 uses have been implemented, ‘at a cost of $400 million, generating a benefit of $800 million,’ Moynihan said.”