Bank of America is making significant strides in leveraging generative AI to enhance operational efficiency, employee productivity, and customer experience. The bank has developed a robust AI strategy focused on solving practical problems, which has led to impressive returns on investment.
Over 90% of the bank's 213,000 employees now use the Erica for Employees virtual assistant, resulting in a 50% reduction in IT service calls. Developers using generative AI-based coding assistants have seen a 20% efficiency improvement. Employees save tens of thousands of hours annually by using AI to prepare materials for business client meetings, allowing them to focus on client engagement.
Bank of America is investing $4 billion in AI and new tech initiatives this year, nearly a third of its overall technology budget. This investment is part of a broader strategy to embed AI across its operations, driving business growth and improving customer service.
The bank's AI strategy focuses on practical applications, such as AI-powered chatbots providing personalized customer interactions and reducing call handling times. Generative AI-based coding assistants guide engineers through legacy applications, while AI-driven NLP capabilities and large language models enhance investment decision-making and management.
Bank of America emphasizes responsible AI development and deployment, with a focus on safety, efficacy, and potential value. The bank's AI oversight council ensures that AI initiatives align with these principles, demonstrating a commitment to harnessing the power of AI while minimizing risks.
