Bank of America to Pour Billions of Dollars Into Artificial Intelligence
The bank expects AI-powered tools to enhance both productivity and revenue for its relationship bankers by automating routine tasks.
Quick overview
- Bank of America is investing $13 billion in its digital strategy, with $4 billion focused on emerging technologies like artificial intelligence.
- AI tools are expected to enhance productivity for bankers, allowing them to manage more clients and automate routine tasks.
- The bank's internal developers are utilizing AI to optimize processes, achieving significant efficiency gains in software testing.
- Bank of America aims to train its employees to work alongside AI, contrasting with other banks that have focused on workforce reductions.
The bank aims to use artificial intelligence to allow each banker to cover more clients, personalize financial advice, and significantly increase the productivity of its internal developers.
Bank of America, one of Wall Street’s largest financial institutions, is allocating a substantial portion of its technology budget—around $13 billion—to accelerate its digital strategy. Roughly $4 billion of that is specifically dedicated to emerging technologies, with artificial intelligence (AI) at the center of the effort.
As part of this strategy, the bank expects AI-powered tools to enhance both productivity and revenue for its relationship bankers by automating routine tasks, such as preparing documents for client meetings. Thanks to these efficiency gains, a banker who once handled around 15 clients could potentially manage up to 50 clients.
In wealth management, Bank of America is using AI to combine market intelligence with client portfolio data, enabling financial advisors to provide more personalized recommendations.
A Strong Push Into Technology
The bank’s internal adoption of AI is also expanding rapidly. Its roughly 18,000 developers have been using AI agents for software testing and other optimization tasks, achieving reductions of up to 90% in some test processes.
Another standout example is the bank’s virtual assistant, Erica, launched in 2018. Since then, Erica has handled nearly $3 billion customer interactions, performing tasks that would otherwise require around 11,000 employees, such as ordering checks or filing claims.
When asked about AI’s potential impact on jobs, Bank of America’s chief technology officer emphasized that the goal is not workforce reduction, but rather training the bank’s 213,000 employees to use these tools effectively—freeing them from mundane tasks so they can focus on generating more business.
An Innovative Strategy
Bank of America’s approach contrasts with that of other banks—such as Wells Fargo—which have emphasized workforce cuts as a consequence of adopting AI.
The U.S. bank sees artificial intelligence as a lever to boost operational efficiency, expand client coverage per banker, personalize financial advisory services, and significantly increase developer productivity.
It is also embracing a transition in which employees evolve to work alongside AI rather than be replaced by it—reflecting how the banking sector is reshaping its processes and business models in response to the growing influence of artificial intelligence.
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