“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: Bank of America
Bank of America goes all in on controversial tech
“Bank of America is leading the way on AI use at banks. The bank revealed in 2025 that more than 90% of its employees use AI, American Banker reported. It has a $13.5 billion technology budget, which includes at least $4 bilion for new initiatives like AI, according to Fortune. The bank even has a client-facing AI…
BofA and U.S. Bank Turn AI Loose on Internal Bottlenecks
“Merrill Wealth Management and Bank of America Private Bank announced the full-scale rollout of AI-Powered Meeting Journey, a workflow tool that handles preparation, note-taking and follow-up for financial advisers. The bank says the capability can save advisers up to four hours per client meeting, across millions of meetings annually. The tool works in three stages…” Read more…
How Wall Street banks are using AI — from staff training to performance reviews
“Bank of America’s AI rollout is also well underway. The bank’s CEO Brian Moynihan says its use of AI is already embedded across the firm, from consumer banking to institutional clients. Its virtual assistant, Erica, handled 2 million customer interactions in a single day and can now answer 700 types of questions — up from…
Bank of America fires up generative AI payments assistant
“The company saw uptake of its Erica for Employees virtual assistant spread to more than 90% of its 213,000 employees in April. The tool, which was introduced in 2020, has since cut the number of IT service calls by half, Bank of America said.” Read more >>