Bank of America is deploying AI and gen AI throughout its operations to gain efficiency and allow employees to focus on more complex problems.
More than 90% of the $2.4 trillion bank’s 213,000 employees use AI in their jobs, according to a release today from Bank of America.
The release stated the bank has deployed AI and gen AI in:
- Erica for employees: The consumer-facing chatbot has been rolled out internally as well, allowing employees to ask company questions about health benefits, payroll and tax forms.
Nearly 90% of employees also use Erica to help customers with simple troubleshooting, such as resetting passwords and device activation.
- Ask Merrill and Ask Private Banking: Private banking employees are using AI tools to curate information for clients and to connect teams with experts at the bank for help with more complex requests.
AI also helps bankers develop and summarize market research quickly for investors.
In 2024, more than 23 million interactions with Ask Merrill and Ask Private Banking were performed.
- Code generation: Software developers are being assisted with code writing and the bank says it has experienced a 20% efficiency gain in the operation.
- Capturing client feedback: Call center recordings are summarized to analyze customer feedback and improve interactions.
Other FIs including Ally and TD Bank have rolled out similar capabilities to analyze customer complaints.
Automation and technology such as AI augments human intelligence so employees can work on more complex problems, a Bank of America spokesperson told Bank Automation News.
AI patents
Bank of America regularly applies for patents and they are increasingly AI-related.
Of 7,400 patents held by the bank, nearly 1,200 are AI-and machine learning -related, the release stated.
Bank of America were granted 688 patents in 2024 and 117, or 17%, were AI-focused, compared with the 115, or 18% of 644 patents granted in 2023, the spokesperson said.
Register here for the upcoming Bank Automation News webinar “Emerging fintechs: New technologies you need to know now” on Tuesday, April 8, at 11 a.m. EST.
