Key Takeaways
• Bank of America is investing $4 billion in AI and tech initiatives in 2025, comprising nearly one-third of its annual tech budget.
• Over 90% of BofA employees now use the internal AI assistant, significantly reducing IT support volume.
• AI tools have improved developer productivity by 20% and are saving employees thousands of hours annually.
• AI-powered systems are enhancing client interactions, training simulations, and research access across departments.
• BofA holds over 1,200 AI-related patents, reflecting a long-term, innovation-driven technology strategy.
Bank of America (BofA) has been systematically building its AI infrastructure since 2018, beginning with the launch of Erica, a virtual assistant for customers.
This digital assistant has since handled more than 2.5 billion interactions and serves over 20 million active users.
During the COVID-19 pandemic, BofA expanded its AI capabilities internally with Erica for Employees, a tool initially designed for IT support.
Over time, its scope has grown to include assistance with payroll, HR queries, and enterprise-wide knowledge access.
Internal AI Adoption at Scale
BofA’s internal digital transformation is seeing substantial uptake. The internal assistant Erica for Employees is now used by more than 90% of its 213,000 employees.
• Developers using generative AI coding assistants saw a 20% boost in productivity.
• Client-facing teams are saving tens of thousands of hours annually with AI-generated materials.
• AI tools in customer service personalize interactions and reduce call durations.
• Sales and trading teams use internal generative AI to quickly analyze and summarize research.
These applications showcase a mature AI ecosystem that boosts both internal operations and client service.
AI in Training and Knowledge Access
Employee development at BofA is also benefiting from AI. Through The Academy, staff completed over 1 million simulated client interactions in 2024, guided by AI-generated feedback that sharpens customer service delivery.
AI-powered tools like askMerrill and askPrivate Banking—built on the same technology as Erica—handled 23 million+ interactions in 2024 alone, improving knowledge retrieval and decision-making.
Summarization and Feedback Systems
Generative AI is now automating transcription and summarization of customer feedback in BofA call centers. This reduces manual effort and accelerates insight delivery for service optimization.
“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.” — Aditya Bhasin, Chief Technology and Information Officer, Bank of America
Patents Reflect Long-Term Innovation
Bank of America has amassed a portfolio of 7,400 patents and pending applications, with 1,200+ specifically focused on AI and machine learning. This intellectual property forms a foundation for the bank’s technology leadership.
Future development will focus on expanding Erica for Employees using generative AI to help staff access company knowledge more intuitively.
Setting a Benchmark in Financial Services
BofA’s $4 billion investment isn’t a reactionary measure—it’s part of a deeply integrated, strategic shift toward automation and AI-first operations.
From cost savings and speed improvements to personalization and employee training, the outcomes are real and measurable.
The bank’s approach also reflects a preference for in-house AI development, reducing reliance on external platforms and offering greater control over compliance, security, and scalability.
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