Rudy Lai
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AI @ Bank of America

Massive retail and investment bank
Industry
Last updated
July 3, 2025 at 10:44 AM

Summary

  • Bank of America has significantly escalated AI adoption and innovation from 2021 through 2025, culminating in a workforce adoption rate of over 90% by mid-2025 and maintaining over 20 million active users on its AI assistant 'Erica'.
  • The bank's AI patent portfolio has nearly doubled since 2022, with a 94% growth reaching approximately 1,400 AI & machine learning patents and pending patents by late 2024 and early 2025, reflecting a strong commitment to proprietary AI technology development.
  • Major investments include a $4 billion tech spend in 2025 focusing on AI-driven productivity and customer experience enhancements, with AI applications generating measurable outcomes such as a 19% revenue uplift from Erica's recommendations and over 50% automation in IT service desk queries.

VIBE METER

More AI announcements = more VIBE
Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q4 25πŸ”₯πŸ”₯πŸ”₯πŸ”₯

4 AI Use Cases at Bank of America

Automated Briefings
2025
Traditional
Generative
Agentic
Outcome
Using AI-generated content capabilities, Bank of America automates creation of client briefing materials and transaction summaries, saving tens of thousands of manual hours annually and improving the timeliness and quality of client communications. [1][2]
Virtual Assistant
2025
Customer Facing
Traditional
Generative
Agentic
Outcome
Revenue
Bank of America uses the AI virtual assistant Erica to handle over 2.5 billion client interactions with 20 million active users, providing personalized banking help and recommendations, driving a 19% increase in customer-driven revenue. [1][2]
Employee Productivity
2025
Traditional
Generative
Agentic
Outcome
Costs
The bank deploys AI tools like Erica for Employees and internal AI coaching simulations to automate repetitive tasks, reduce IT service desk queries by over 50%, and provide over 1 million training sessions, improving employee efficiency significantly. [1][2]
Fraud Detection
2024
Traditional
Generative
Agentic
Outcome
Risk
Bank of America's extensive AI and machine learning model portfolio, including over 250 models, supports risk management by identifying fraudulent patterns and mitigating risk proactively. [1][2]

Timeline

2025 Q4: no updates

2025 Q3

3 updates

Bank of America launches generative AI tools for business banking with 'AskGPS', reports over 1,400 AI patents, and integrates AI deeply into employee workflows achieving broad adoption and significant business impact.

2025 Q2

3 updates

Bank of America aggressively expands AI usage across its 213,000+ employees, deploying Erica for Employees widely, investing $4 billion in AI-related tech projects, and reporting improved productivity and digital engagement.

2025 Q1: no updates

2024 Q4

2 updates

Bank of America announces a 94% growth in AI and ML patent grants and applications since 2022, reflecting a strong surge in innovation and intellectual property accumulation in AI technologies.

2024 Q3

1 updates

Bank of America Institute highlights accelerating generative AI app capabilities within the bank’s ecosystem, emphasizing rapid AI evolution but no requirement for AGI to realize benefits.

2024 Q2

2 updates

Bank of America discusses AI as the next major technology wave, focusing on its controlled, thoughtful approach to evolving the Erica AI assistant for deeper digital banking engagement.

2024 Q1: no updates

2023 Q4: no updates

2023 Q3: no updates

2023 Q2: no updates

2023 Q1: no updates

2022 Q4: no updates

2022 Q3: no updates

2022 Q2: no updates

2022 Q1: no updates

2021 Q4: no updates

2021 Q3: no updates

2021 Q2

1 updates

Initial public recognition of Bank of America's AI initiatives with early mentions of their applied AI and machine learning efforts.