“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…
Tag: Ai efficiency
Wells Fargo CEO: AI’s effect on employment is ‘complicated’
“‘I find it very surprising when really smart people take one side or the other,’ Scharf said during an appearance at a Bernstein investor conference. ‘They sit there and they say, ‘it’s not a threat to employment,’ or they sit there and say, ‘it’s a huge threat to employment.’ ‘It’s so obvious to me, looking…
Lloyds Says GenAI Delivered £50m of Value in 2025
“During 2025, the bank deployed more than 50 generative AI solutions, which it said have reshaped how customers interact with its services and how employees carry out day-to-day work. These include faster and more intuitive in-app search, improved response times across customer operations, and additional support for colleagues in branches and call centres.” Read more…