Post by : Badri Ariffin

Bank of America is making a substantial investment in artificial intelligence, allocating $4 billion from its $13 billion technology budget to enhance efficiency and fuel revenue growth.

The bank reports that by automating tasks such as generating client meeting briefs, its relationship bankers now manage up to 50 clients compared to just 15 previously. In wealth management, AI integrates real-time market insights with client portfolios, enabling more tailored investment advice.

Currently, BofA has approximately 18,000 developers collaborating on AI tools, which have significantly streamlined workflows—some software testing processes are now completed up to 90% faster.

The AI chatbot, Erica, launched in 2018, has facilitated 3 billion customer interactions, effectively accomplishing tasks that would have needed 11,000 employees.

Rather than worrying about potential job losses, BofA is focusing on reskilling its 213,000-strong workforce. According to the company’s tech leader, this strategy allows employees to delegate repetitive work and concentrate on roles that drive business.

BofA’s initiative aligns with a wider trend; major financial institutions such as JPMorgan, Goldman Sachs, and Morgan Stanley are also implementing AI technologies to boost efficiency and improve client services.

#Global News