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 scaled its AI adoption from 2021 through 2025, culminating in over 90% of its 213,000 employees using AI tools, including the widely deployed Erica virtual assistant with over 2.5 billion client interactions and 20 million active users.
  • The bank's commitment to AI innovation is demonstrated by a 94% increase in AI and machine learning patents since 2022, now totaling approximately 1,400 patents and over 250 AI/ML models, underpinning both internal productivity and improved client service.
  • Financially, BofA is investing heavily in AI with $4 billion allocated to AI and new technology initiatives in 2025 alone, nearly a third of its total $13 billion tech budget, aiming to drive revenue growth, operational cost reduction, and enhanced customer and employee experience.

VIBE METER

More AI announcements = more VIBE
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6 AI Use Cases at Bank of America

Virtual Assistant
2025
Customer Facing
Traditional
Generative
Agentic
Outcome
Revenue
Bank of America's Erica virtual assistant interacts with customers and employees, handling over 2.5 billion client interactions and serving 20 million users, providing financial guidance and automating routine queries. [1][2]
Client Engagement
2025
Customer Facing
Traditional
Generative
Agentic
Outcome
AI-driven client engagement tools automatically generate personalized briefing materials and reports, saving tens of thousands of staff hours and improving client satisfaction. [1]
Employee Productivity
2025
Traditional
Generative
Agentic
Outcome
Costs
Erica for Employees supports approximately 90% of BofA employees by automating password updates and IT service desk requests, reducing IT queries by over 50% and enabling a 20% increase in employee efficiency through AI-driven tools and training. [1][2]
IT Automation
2025
Traditional
Generative
Agentic
Outcome
Costs
AI-powered automation has enabled BofA to automate 50% of IT service desk requests and password resets, greatly reducing operational costs and improving IT responsiveness. [1]
Developer Support
2025
Traditional
Generative
Agentic
Outcome
Costs
Generative AI developer tools have accelerated code development and testing, increasing productivity among IT and development teams by more than 20%. [1]
Employee Training
2025
Traditional
Generative
Agentic
Outcome
Internal AI-based simulation coaching at BofA has delivered over one million training sessions to employees, enhancing upskilling, compliance, and readiness. [1]

Timeline

2025 Q3

4 updates

BofA solidifies AI operational dominance with 90% staff adoption of Erica for Employees, extensive AI patent portfolio (1,400 patents), 250+ models, and transformative improvements across IT automation, employee training, developer productivity, and client engagement.

2025 Q2

3 updates

Massive AI adoption with over 90% of employees using AI tools, $4B investment in AI and tech; Erica virtual assistant achieves 2.5 billion client interactions; AI-driven employee tools increase productivity and client service.

2025 Q1: no updates

2024 Q4

2 updates

Bank of America reports a 94% growth in AI and ML patents since 2022, reflecting increased innovation and patent activity to support AI initiatives.

2024 Q3

1 updates

Continued analysis of generative AI app capabilities and their accelerating advancements, highlighting BofA's forward-looking AI strategy.

2024 Q2

3 updates

Bank of America publicly discusses AI as the next major technology wave and evolves its AI-powered assistant 'Erica' toward deeper digital 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

Early recognition of AI potential with initial applied AI and ML efforts at Bank of America.