Bank of America is investing $4bn in AI and new tech initiatives

Bank of America is allocating $4bn — nearly a third of its overall technology budget for this year — toward new initiatives including artificial intelligence. BofA said Erica for Employees, the bank’s internal AI chatbot built on the customer-facing Erica, is being used by more than 90% its 213,000 employees, and this has reduced IT support calls by more than half. “AI is having a transformative effect on employee efficiency and operational excellence,” Aditya Bhasin, BofA’s chief technology and information officer, said. “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.”