Bank of America is making significant investments in artificial intelligence and data-driven technologies as part of its long-term strategy to drive growth and efficiency across all business lines. At its first Investor Day in fifteen years, the Charlotte-based financial institution emphasized its commitment to next-generation technologies, highlighting both internal and client-facing advancements.
Major Technology Investments
Over the past decade, Bank of America has allocated more than $100 billion toward technology. In 2024 alone, the bank will dedicate $4 billion to technology code initiatives, part of a broader $13 billion annual technology budget. CEO Brian Moynihan underscored the importance of these investments, stating that technology acts as a strategic enabler for growth and improved customer experience.
Enhancing Client and Employee Experience
The bank’s virtual financial assistant, Erica, has become a cornerstone of its digital transformation. Since its launch in 2018, Erica has facilitated over 3 billion interactions, providing clients with seamless support and proactive financial guidance. Internally, AI-driven tools are helping employees increase productivity and streamline operations, resulting in a 20 percent boost in software development efficiency among the bank’s 18,000 developers.
Global Payment Solutions and Digital Platforms
- Global Payment Solutions (GPS): Generates $11 billion in annual revenue and anchors $2 trillion in deposits. In 2024, GPS processed over $450 trillion in payment value for businesses worldwide.
- CashPro: Bank of America’s digital banking platform for businesses operates in 145 jurisdictions, contributing to more than $1 billion in revenue. CashPro has saved customers an estimated 250,000 hours per year and driven a 65 percent increase in global banking deposits since 2019.
- Ask GPS: Launched in August, this AI-powered tool has answered over 30,000 queries, reducing the need for manual research and enhancing sales efficiency.
Data-Driven Decision Making
Bank of America has invested $1.5 billion in data initiatives over the past five years. These efforts support 270 machine learning models that help reduce fraud losses by 50 percent and provide deep insights into customer behavior and demographics. The bank’s digital transformation has resulted in 79 percent of households becoming digitally active, with 14 billion logins annually offering opportunities for hyper-personalization and improved service delivery.
Operational Efficiency and Security
The bank’s operations span 34,000 employees across 32 countries and are organized into 3,700 processes to ensure effective technology deployment. Virtual assistant Erica has enabled the bank to streamline operations, eliminating the need for approximately 11,000 call center positions through standardized data and automation. AI also plays a critical role in security, particularly in fraud prevention and risk management.
Driving Growth Through Innovation
Bank of America’s emphasis on AI and technology has tripled growth across all lines of business. The adoption of digital tools such as Zelle has led to a significant shift in customer behavior, with electronic money transfers now used 3.4 times more than traditional checks. This shift has resulted in lower costs, reduced fraud, and an enhanced customer experience.
Looking Ahead
Bank of America’s leadership remains focused on leveraging technology to deliver innovation, drive efficiency, and support both clients and employees. As AI and data capabilities continue to advance, the bank is positioned to further strengthen its competitive edge and deliver value to stakeholders across the financial sector.
