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 strongly scaled its AI adoption from early cautious innovations in 2021 to broad workforce integration by 2025, with over 90% of its 213,000 employees using AI tools like the virtual assistant Erica and newly launched AskGlobal Payments Solutions (AskGPS).
  • The bank’s AI-related patents and applications saw a 94% increase by late 2024, reaching approximately 1,400 AI and machine learning patents by Q3 2025, supporting a growing model portfolio of 250+, signaling a heavy internal investment in proprietary AI capabilities.
  • Strategic AI investments grew to $4 billion in 2025, part of an annual $13 billion tech spend, focusing on improving operational efficiency, employee productivity, and customer engagement. Initiatives like Erica generated a 19% revenue uplift and reduced IT service calls by over 50%, demonstrating strong ROI and competitive differentiation.

VIBE METER

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

Automated Briefings
2025
Traditional
Generative
Agentic
Outcome
Costs
Bank of America leverages AI to auto-generate client briefing materials and internal reports across multiple business lines, saving tens of thousands of labor hours annually and enhancing know-your-client processes. [1]
Employee Productivity
2025
Traditional
Generative
Agentic
Outcome
Costs
BofA deploys AI assistants like Erica for Employees and internal AI-based simulations for training, boosting productivity for over 90% of employees, automating 50% of IT service desk queries, and enabling over 1 million training completions, thus reducing costs and increasing operational efficiency. [1][2]
Client Advisory
2025
Traditional
Generative
Agentic
Outcome
Using generative AI platforms like AskGlobal Payments Solutions, BofA provides timely, high-quality advisory services to transaction banking clients by analyzing thousands of internal documents instantaneously, improving client service quality and reducing specialist call volume. [1]
Virtual Assistant
2025
Customer Facing
Traditional
Generative
Agentic
Outcome
Revenue
Bank of America uses the AI-powered virtual assistant Erica to handle billions of client interactions, providing personalized financial guidance, assisting with transactions, and increasing revenue by 19% through strategic user engagement. [1][2]
Patent Innovation
2024
Traditional
Generative
Agentic
Outcome
Risk
Bank of America's strategic increase in AI and machine learning patent filings, growing 94% between 2022 and 2024 to around 1,400 patents, supports proprietary technology development, enabling competitive advantage and risk reduction through innovation control. [1][2]

Timeline

2026 Q1: no updates

2025 Q4

3 updates

BofA’s AI and digital capabilities won multiple innovation awards, while AI investments contributed noticeably to economic growth and productivity gains; the bank reported increased bankers’ productivity and revenue growth driven by AI deployments.

2025 Q3

6 updates

Bank of America achieved 90% AI adoption among employees, launched multiple AI agents integrated into workflows yielding over 50% automation in IT service desks, and expanded its patent portfolio to 1,400 AI-related patents; CEO Brian Moynihan underscored AI’s transformative role; Erica continued as a revenue driver and productivity enhancer with an expanded user base.

2025 Q2

5 updates

AI adoption surged internally with 90%+ of employees using AI tools; Erica recorded 2.5 billion client interactions and 20 million users; BofA initiated a $4 billion investment in AI and technology; new generative AI solutions like AskGPS launched to enhance client service and operational efficiency.

2025 Q1: no updates

2024 Q4

2 updates

BofA reported a 94% growth in AI and machine learning patents since 2022, reflecting aggressive investment in proprietary technology development.

2024 Q3

1 updates

Generative AI capabilities advanced rapidly at BofA, setting expectations well ahead of artificial general intelligence developments.

2024 Q2

3 updates

BofA emphasized a thoughtful AI rollout strategy with flagship AI assistant Erica expanding deeper into digital banking, alongside institutional insights on the AI tech wave and related hurdles.

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 public recognition of Bank of America's AI initiatives emerged, highlighting early adoption of AI and machine learning technologies.