“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: virtual assistant
AI push is putting banks at mercy of tech firms, warns Moody’s
“‘The AI race also risked creating ‘vendor dependence risk’, Moody’s said, meaning that ‘a set of dominant AI model and infrastructure providers could, over time, exert control over the price of AI services’. That issue is likely to emerge as the bosses of loss-making generative AI companies, including the ChatGPT creator OpenAI and the Claude…
AI, Digital Banking Aren’t Killing The Branch: 89% Still Want Access To People
“The findings suggest consumers increasingly see digital banking and physical branches as complementary rather than competing channels. Eighty-three percent said they have greater confidence in a digital banking provider that also operates physical branches, including 87% of Gen Z, 85% of Millennials, 82% of Gen X and 75% of Baby Boomers. Consumers cited resolving complex…
What It Takes to Build the AI-Native Modern Bank
“The goal is a radically different model of banking, characterized by highly personalized customer engagement, hyper-responsive product management, and structurally transformed operations. The performance profile could be dramatically different from today’s banking model, aspiring to 10 times greater productivity, 100 times more experimentation throughput, 90% shorter time to market, and a 10-percentage-point improvement in the…
As AI Becomes Money’s New Front Door, Community FIs Risk Becoming Bystanders
“In May 2026, OpenAI launched a dedicated personal-finance experience allowing users to connect bank accounts via Plaid and ask questions grounded in their actual balances. OpenAI reports that more than 200 million people use ChatGPT monthly for budgeting, investing, and planning queries. Search engines like Perplexity have built similar account-linking capabilities, while single-bank tools like…