Bank of America has said it plans to expand the capabilities of its internal AI assistant.
The technology is currently used by 90 per cent of its 213,000 strong workforce to improve efficiency.
The bank first launched what it describes as the “first widely adopted AI-driven virtual assistant” in 2018 within its mobile app.
‘Erica’ was then expanded in 2020 for the organisation’s employees, with the technology rapidly adopted during the pandemic by staff who needed help in areas such as mobile device password reset and device activation.
In 2023, the functionality was expanded to assist with additional topics such as where to review health benefits and locate payroll and tax forms.
The technology is now used by the vast majority of the company, with the virtual assistant reducing calls into the IT service desk by over 50 per cent.
The bank now plans to expand the assistant’s capabilities this year to offer enhanced search and assistance across a broader set of topics – including answers to employee questions about the company’s products and services – with plans to leverage both AI and generative AI (GenAI).
The bank also said that it has embedded AI and machine learning across its business lines and in a number of key areas, including global technology, operations, and training.
“AI is having a transformative effect on employee efficiency and operational excellence,” said Aditya Bhasin, chief technology & information officer, Bank of America. “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.”
Software developers at the bank are also currently using a genAI-based tool to assist with code writing and optimisation, which it says has resulted in efficiency gains of over 20 per cent.
Its staff are additionally using AI to automate and standardise the creation of drafts of materials for meetings with Bank of America Business Banking and Global Commercial Banking clients.
As well as this, in the contact centre, employees have access to a modernised, AI-driven desktop tool which provides guided assistance, enabling team members to provide a “more personalised client experience, increase client satisfaction, and reduce call handling times.”
An internally-developed genAI platform enables the Global Markets sales and trading team to search, summarise, and synthesise the bank’s research and market commentary more quickly and efficiently.
Bank of America currently serves approximately 69 million consumer and small business clients with 3,700 retail financial centres, approximately 15,000 ATMs, and digital banking for around 58 million verified online users.
