Bank of America has been leveraging technology to enhance its services to clients and the productivity of its 213,000 employees. The company's Chief Technology & Information Officer, Aditya Bhasin, stated that “AI is having a transformative effect on employee efficiency and operational excellence. Our use of AI at scale and around the world enables us to further enhance our capabilities, improve employee productivity and client service, and drive business growth.”
The AI-driven virtual financial assistant, Erica, introduced in 2018, has been used over 2.5 billion times by 20 million clients. Bank of America's approach to AI emphasizes human oversight and accountability. The company's AI applications extend to the Erica for Employees virtual assistant, which significantly reduced IT service desk calls. "Over 90% of employees use Erica for Employees," a figure notably contributing to improved efficiency.
Another AI initiative includes the 'ask MERRILL' and 'ask PRIVATE BANK' tools, which facilitate efficient information curation for enhanced client interactions. These tools recorded 23 million interactions in 2024.
GenAI capabilities have been integrated into call centers to summarize call recordings, formerly done manually. Additionally, Bank of America’s onboarding and professional development organization, The Academy, uses AI for training simulations, boosting service consistency.
AI deployment efforts also extend to coding assistance, meeting preparation, contact center optimization, and the creation of research summaries. Notably, Bank of America holds nearly 7,400 patents, with over 1,200 focused on AI and machine learning. The bank also announced its $13 billion annual expenditure on technology, with $4 billion earmarked for new initiatives in 2025.
Bank of America operates globally, providing a comprehensive range of banking services and maintaining a strong presence in digital and investment banking. It serves millions of clients worldwide, underlining its significant impact and expansive reach.
Bank of America’s commitment to innovation reflects in its competitive market position and extensive patent portfolio, bolstered by contributions from over 7,800 inventors across 14 countries.