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 accelerated AI adoption and innovation, with a 94% growth in AI-related patents by Q4 2024 and expanding to over 1,400 AI patents by Q3 2025, underlining a strategic focus on AI intellectual property and technology leadership.
  • AI integration has become pervasive in the bank’s operations by 2025, with more than 90% of its 213,000 employees using AI tools such as the Erica virtual assistant (both client-facing and 'Erica for Employees'), which logged over 2.5 billion client interactions and 20 million active users, driving an estimated 19% revenue increase and cutting IT service desk queries by over 50%.
  • Investment in AI technologies peaked in 2025 with a $4 billion spend, part of a broader $13 billion tech agenda, reflecting a shift from gradual adoption starting in 2018 toward large-scale deployment including generative AI applications, internal AI training simulators completing over 1 million sessions, and AI-driven client engagement solutions automating tens of thousands of briefing hours annually.

VIBE METER

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

AI Training
2025
Traditional
Generative
Agentic
Outcome
Risk
The bank employs AI-powered internal simulation coaching platforms that have completed over 1 million employee training sessions, enhancing workforce skills, reducing risk, and increasing employee productivity. [1]
Virtual Assistant
2025
Customer Facing
Traditional
Generative
Agentic
Outcome
Revenue
Bank of America uses its Erica virtual assistant to provide customers with financial guidance, personalized banking support, and transaction assistance, with over 2.5 billion interactions and 20 million active users, enhancing customer experience and increasing revenue by 19%. [1][2]
Employee Assistant
2025
Traditional
Generative
Agentic
Outcome
Costs
Bank of America developed 'Erica for Employees', an AI assistant that helps 90% of staff automate routine tasks like password resets and reduces IT service desk queries by over 50%, driving operational efficiency and cost reduction. [1][2]
Client Engagement
2025
Customer Facing
Traditional
Generative
Agentic
Outcome
Bank of America utilizes AI-driven tools that automatically generate client briefing materials and insights, saving tens of thousands of hours annually and improving client experience through timely, personalized content. [1]
AI Patent Innovation
2024
Traditional
Generative
Agentic
Outcome
Risk
Bank of America’s sustained innovation in AI and ML patents, with over 1,400 patents and a 94% growth since 2022, supports ongoing AI model development and deployment across multiple use cases enhancing competitive advantage and reducing risk through proprietary technology. [1]

Timeline

2025 Q4: no updates

2025 Q3

5 updates

AI use matured bank-wide with nearly all 210,000+ associates leveraging Erica for Employees; portfolio of 1,400 AI patents and 250+ models; AI-driven internal productivity and client engagement tools firmly embedded; leadership highlighting AI's transformative impact on efficiency and client experience.

2025 Q2

4 updates

AI adoption exploded with over 90% of employees using AI tools; Erica logged 2.5 billion client interactions with 20 million users; Bank announced $4B investment in AI and tech initiatives; AI projects boosted productivity and client satisfaction substantially.

2025 Q1: no updates

2024 Q4

2 updates

Bank of America revealed a 94% increase in AI and ML patents and applications since 2022, emphasizing its deep commitment to AI innovation and safeguarding technology investments.

2024 Q3

1 updates

Bank of America Institute detailed accelerating advancements in generative AI app capabilities, projecting continued AI innovation without needing to wait for Artificial General Intelligence.

2024 Q2

3 updates

Bank of America explored AI as the next major tech wave, evolving its Erica AI assistant toward deeper digital engagement and emphasizing a thoughtful, controlled AI adoption approach as generative AI surged.

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 AI efforts showcased, positioning Bank of America as a serious player in applied AI and ML compared to peers, beginning to publicly highlight AI innovation efforts.