Artificial Intelligence in Finance Companies
We analyzed the enterprise AI use cases of 10 finance companies to understand trends, impact, and insights.
Finance companies' adoption of AI
Overview
Bank of America (BofA) has significantly accelerated its AI adoption and innovation from 2021 through 2025, evolving Erica, its AI-driven virtual assistant, into a core platform serving over 20 million users with 2.5 billion interactions, boosting revenue by 19% and improving operational efficiency.
Wells Fargo has evolved from experimenting with explainable AI for lending risk models in 2021 to deploying agentic AI at scale across its business by 2025, including more than 245 million AI assistant interactions.
Citigroup has broadly embraced AI from 2023 through 2025, evolving from early exploration to deploying generative and agentic AI tools across multiple business lines. Leadership, notably CEO Jane Fraser and AI strategy heads, have emphasized AI’s transformative potential in banking, wealth management, compliance, and customer experience.
Goldman Sachs has rapidly scaled the deployment of AI, especially generative AI and large language models, starting with foundational initiatives in wealth management and security in 2020 and moving to extensive firmwide adoption by 2025, including tools like the GS AI Assistant and autonomous AI coder 'Devin', impacting over 10,000 employees and 12,000 developers.
Morgan Stanley has escalated its AI adoption substantially from 2023 through 2025, embedding generative AI tools such as the AI @ Morgan Stanley Assistant and Debrief, leveraging OpenAI's GPT-4 technology to enhance financial advisor efficiency and client engagement, resulting in nearly $64 billion in net new assets in Q4 2024 alone.
U.S. Bancorp has consistently advanced its AI capabilities since 2019, starting from personalizing mobile banking experiences (led by Katherine Knowles-Marchione) to establishing a dedicated AI Center of Excellence by 2022, and progressing into generative and agentic AI initiatives by 2024-2025, including AI-driven marketing campaigns and cash forecasting tools.
PNC Financial Services has steadily adopted and expanded AI solutions since early 2023, starting with the launch of 'PNC Claim Predictor' to help healthcare clients prevent lost revenue through AI and machine learning, progressing to broader applications in automation, fraud detection, personalized financial advice, and digital transformation initiatives by 2025.
Capital One has progressively evolved to become an AI-first financial services institution by 2025, leveraging generative AI and an advanced cloud infrastructure to drive innovation and operational efficiency.
American Express has progressively expanded its AI adoption since 2021, focusing initially on machine learning to improve credit approvals and fraud detection, and later cautiously integrating generative AI primarily for behind-the-scenes analysis and customer sentiment analysis.
JPMorgan Chase has progressively embraced AI from initial experimentation in 2024 to becoming a widely AI-integrated enterprise by late 2025, with over 250,000 employees using AI tools like the LLM Suite for tasks ranging from client advisory to legal document analysis.
55 Use Cases in Finance
| Company | Use Case |
|---|---|
| U.S. Bancorp | Cash Forecasting Partnering with Kyriba, U.S. Bank utilizes AI-driven cash forecasting tools to provide real-time liquidity insights for corporate treasury clients. traditional |
| Capital One | AI Governance Proactive governance and legal oversight roles are created to govern the deployment of AI systems ensuring compliance, ethics, and reduced risks. traditional |
| Citigroup | Employee Productivity Citi leverages AI tools to boost employee productivity by simplifying workflows, conducting code generation rapidly, and assisting in writing performance reviews. generative |
| J. P. Morgan | Investment Banking Automation Agentic AI automates complex and multi-step tasks such as generating investment decks rapidly, freeing employees to focus on strategic decision-making. agentic |
| Morgan Stanley | Research Assistance Morgan Stanley leverages large language models to perform fast, comprehensive document retrieval and question-answering over vast internal and client data repositories, increasing research efficiency and accuracy. agentic |
| Wells Fargo | Operational Efficiency By deploying agentic AI across 215,000 employees, Wells Fargo uses AI agents to optimize client relationships, branch operational tasks, and internal workflows, increasing efficiency. agentic |
| Wells Fargo | Risk Management Wells Fargo integrates AI agents to inform and automate business decisions and risk management, leveraging partnerships like Google Cloud to enhance effectiveness at scale. agentic |
| Bank of America | Virtual Assistant Bank of America uses virtual assistants like Erica to interact with millions of users, providing personalized financial advice, automating transactions, and streamlining customer service, enhancing client satisfaction and driving revenue growth. generative |
| PNC Financial | Cash Forecasting AI tools analyze transaction data to predict future cash positions for PNC’s small business clients, enabling better financial planning and targeted credit product recommendations. traditional |
| PNC Financial | Operational Automation PNC integrates AI to automate routine banking tasks and workflows, which increases operational efficiency and reduces costs while maintaining human oversight to ensure responsible AI use. agentic |