- Hari Gopalkrishnan, Chief Technology and Information Officer of Bank of America (BofA), affirmed at the Reuters AI Momentum conference (New York) that AI is directly generating revenue and cutting operating costs for the bank.
- BofA’s technology budget stands at $13 billion, with $4 billion allocated to AI innovation projects.
- The virtual assistant Erica, deployed 8 years ago, has handled 3 billion customer interactions, equivalent to the workload of 11,000 call center employees, significantly reducing operating costs and wait times.
- Using AI to predict call intent and process speech-to-text, BofA shortens response time by 30–60 seconds per call, resulting in substantial cost savings.
- AI is also used in Zelle fraud detection, with 7 million transactions analyzed, utilizing two AI models to authenticate identity, amount, and recipient, significantly reducing fraud losses.
- In relationship banking, AI tools assist employees in automatically preparing for client meetings, synthesizing structured and unstructured data to create customized reports in seconds.
- Result: A specialist can now serve 50 clients instead of 15, thanks to AI tools for data synthesis and content suggestion.
- In wealth management, the AI system generates daily market summaries, helping advisors quickly attach information to each client’s investment portfolio.
- BofA applies a control process of 16 risk criteria for every AI model, including hallucination, ethics, and privacy, ensuring safety in practical deployment.
- Although 95% of global businesses have yet to see profits from AI (according to MIT, 8/2025), BofA proves that AI has delivered real value through both productivity gains and cost reduction.
📌 Summary: AI is directly generating revenue and cutting operating costs for the bank. With 3 billion interactions via the virtual assistant Erica and millions of transactions automated by AI, Bank of America is becoming a global model for AI transformation in banking. Bank of America’s technology budget stands at $13 billion, with $4 billion allocated to AI innovation projects. A specialist can now serve 50 clients instead of 15, thanks to AI tools for data synthesis and content suggestion.
