Bank of America is expanding the use of generative artificial intelligence among its employees. The traditional AI-based Erica virtual assistant remains available for customers. This move reflects the bank's commitment to leveraging advanced technology. Hari Gopalkrishnan, a tech executive, highlighted the bank's approach. The shift demonstrates the integration of AI in various aspects of banking operations.
Representational image
Bank of America has been employing artificial intelligence (AI) across various aspects of its operations, with a significant portion of its workforce utilizing virtual assistant technology. The company's virtual assistant, Erica for Employees, has proven to be effective in reducing the volume of calls to the IT help desk by more than half, with over 90% of employees utilizing Erica for their queries.
The bank has extended the use of generative AI in different departments such as Merrill Lynch, private banking, and call centers. This technology aids advisors and relationship bankers in answering queries, drafting client memos, and generating call summaries for customer service representatives.
While several other major banks have openly embraced AI, Bank of America has maintained a more discreet approach. The company has collaborated with various foundation model providers such as OpenAI, Anthropic, Nvidia, Google, Cohere, and AWS, without publicly disclosing specific partnerships.
Bank of America emphasizes the importance of leveraging industry innovations and partnerships to enhance its technological capabilities. The company allocates a substantial budget of $13 billion annually for technology, with a significant portion dedicated to new initiatives.
Consultants in the industry believe that utilizing generative AI with employees initially can help ensure that IT remains involved in the process. Bank of America's virtual assistant, Erica, has been instrumental in this regard, with other banks now striving to catch up with similar chatbot solutions.
Bank of America predominantly utilizes traditional AI rather than generative AI in client-facing scenarios. Concerns about potential errors and hallucinations restrict the direct application of generative AI in customer communications, with a focus on providing predictable responses to clients.
Erica, the virtual assistant introduced in 2018, is designed to interpret customer queries and intents accurately. With over 20 million customers engaging with Erica monthly, continuous refinements are made to enhance its functionality based on user interactions and feedback.
The bank has expanded the use of generative AI in various areas, such as the Merrill Lynch unit, where advisors can utilize tools like "Ask Merrill" to address customer queries effectively. Additionally, generative AI is employed to streamline tasks for relationship bankers, software developers, and global markets sales and trading teams.
Bank of America places a strong emphasis on responsible AI practices, focusing on aspects like bias, fairness, and transparency in its AI initiatives. The company's commitment to delivering client-centric solutions remains a key priority as it continues to integrate AI technologies across its operations.
By entering your email you agree to our terms & conditions and privacy policy. You will be getting daily AI news in your inbox at 7 am your time to keep you ahead of the curve. Don't worry you can always unsubscribe.