Inside Bank of America AI: 90% Adoption Across Workforce

Artificial intelligence (AI) is not just another tech upgrade—it’s reshaping the foundation of industries, and banking is at the forefront. In the highly regulated and competitive financial services landscape, Bank of America AI initiatives are setting a benchmark for institutions to operationalize AI at scale, both internally and for customers.

In the dynamic world of financial services, artificial intelligence, particularly Generative AI (GenAI), has become the cornerstone of transformative change, redefining the operational and strategic horizons of the banking/finance sector.

AI’s capability is not merely an incremental advancement but a change in basic assumptions that is propelling the banking and financial sector toward a future ripe with innovation and efficiency.

Many prominent banks, especially those in the United States, have been forerunners in this AI journey. They are investing substantially in artificial intelligence to spearhead innovation, talent development, and operational efficiency. One such bank that is charting the path forward with AI is Bank of America (BofA).

Bank of America is one of the world’s leading financial institutions, serving individuals, small- and middle-market businesses, large corporations, and governments with a full range of banking, investment management, and other financial and risk management products and services.

This article explores how Bank of America has embraced AI technologies to improve its functions, enhance consumer experiences, and remain competitive in the marketplace.

Bank of America AI initiatives: A strategic investment

Bank of America has made AI central to its transformation strategy. Its investments are not limited to customer-facing chatbots but span employee productivity tools, internal operations, wealth management, coding support, and talent development. The bank’s focus is clear: drive ROI, boost operational agility, and build resilient, tech-enabled teams.

Erica: AI-powered virtual assistant at scale

In 2018, Erica was first launched as a virtual financial assistant in the Bofa Mobile app. Since then, clients have interacted with Erica over 2.5 billion times, and over 20 million clients now use the virtual assistant.

“Erica is the definition of how Bank of America is delivering personalization and individualization at scale to our clients,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “We expect the second billion to come even more quickly as we continue to evolve Erica’s capabilities, providing clients with the shortest route to the answers they need about their financial lives.”

Erica for employees: Internal efficiency engine

By 2020, Erica’s success led to the development of Erica for Employees, an internal virtual assistant. Originally designed to support remote work during the pandemic, it now handles tasks such as password resets, benefits inquiries, and access to HR documentation.

As of 2025, 90% of Bank of America’s employees are actively using it, with IT service desk queries reduced by over 50%. This shift in internal support has led to significant cost savings and operational efficiencies—critical metrics for any CTO tracking technology ROI.

Likewise, the Erica chatbot at Bank of America significantly boosted revenue by 19 percent through strategic suggestions of new services and products during customer interactions. 

Moreover, by handling routine inquiries and transactions, the Bank of America Erica chatbot has freed up bank staff to focus on more complex tasks. This has resulted in operational efficiencies and cost savings for Bank of America. That’s not all! The round-the-clock (24/7) service has significantly improved customer satisfaction and loyalty, leading to increased usage of the bank’s services.

“AI is having a transformative effect on employee efficiency and operational excellence,” said Aditya Bhasin, Chief Technology & Information Officer at Bank of America. “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.” 

The bank claims that going forward, the capabilities of virtual assistants will expand to offer enhanced search and assistance across a broader set of topics, including answers to employee questions about Bank of America products and services. The bank plans to leverage both AI and Generative AI.

Launch of ask MERRILL® and ask PRIVATE BANK®

Other tools include Ask Merrill and Ask Private Bank, which help Merrill (Merrill Lynch is an American investment management and wealth management division of Bank of America) and Bank of America Private Bank teams efficiently curate information to deliver superior client experiences. When needed, the chat functionality can also connect teams with bank experts for help with more complex requests. 

In 2024, there were more than 23 million interactions with ask MERRILL and ask PRIVATE BANK. It’s an increase of 1 million over 2023, helping employees more proactively connect with clients about timely and relevant opportunities.

Bank of America AI in learning: The Academy’s simulation coaching

Through its internal training arm, The Academy, Bank of America uses AI-based conversation simulators for employee training. These simulators offer real-time feedback and enhance soft skills, especially around customer interactions.

According to the company’s latest press release, employees completed over 1 million simulations last year. And many noted that practicing client conversations helps them deliver better and more consistent service.

Bank of America’s additional AI deployments

Over 1 million simulations were completed last year, reinforcing the bank’s belief that AI can accelerate talent development, not just automation.

Developer productivity: GenAI in code optimization

To streamline software development, Bank of America developers are using a GenAI-based coding assistant, resulting in over 20% productivity gains. This tool helps automate routine coding tasks, improve code quality, and reduce deployment times—allowing engineering teams to focus on higher-impact projects.

Client engagement tools: Pre-meeting AI support

AI now assists relationship managers by generating automated briefing materials ahead of client meetings. This frees up tens of thousands of employee hours annually, which can then be redirected toward business development and deeper customer engagement.

Contact center AI: Real-time guidance

A modernized contact center desktop tool powered by AI delivers guided prompts and real-time assistance to Bank of America’s customer service agents. This not only reduces average handling times but also improves customer outcomes and reduces training time for new staff.

GenAI in research: Accelerating decision-making

Bank of America’s internally developed GenAI platform enables Global Markets teams to search, summarize, and synthesize research reports efficiently. By eliminating the friction of manual data retrieval, teams can respond to market shifts faster and with more clarity.

Training the finance workforce for AI

Bank of America is also training bank employees on how to use generative-AI tools, though their strategies diverge.

Gopalkrishnan said Bank of America takes a top-down approach to educating senior leadership about the potential and risks of generative AI.

About two years ago, he told Business Insider Magazine that he helped top-level staff at the bank become “well aware” of what’s possible with AI.

He said briefing the company’s senior leadership on generative AI’s perks and limitations is important for making informed decisions across the company.

Moreover, the leadership team claims that Bank of America’s approach to AI includes human oversight, transparency, and accountability for all outcomes. 

Thanks to the company’s innovative culture, the bank spends $13 billion annually on technology, of which approximately $4 billion will be directed to new technology initiatives in 2025.

What CTOs can Learn from Bank of America AI playbook?

For CTOs across banking and finance, Bank of America AI deployment provides a blueprint. With the adoption of artificial intelligence, the banking/financial landscape will change fundamentally within the next few years, certainly by the end of the decade. Hence, CTOs and business leaders in the banking and financial sector should take note of the following:

Get started now to avoid regrets in the future

Drill into the numbers and assess where AI can drive high ROI. Connect use cases to processes to get wider, more sustainable benefits. Set a clear vision to maintain strong focus and momentum.

Drive the top-down alignment

Track what matters—and do so rigorously and frequently. Ensure leaders across the business are brought into the change process and actively engage in the transition.

Be clear-eyed about the capital requirements and avoid putting off the investment needed. Acquiring best-in-class capabilities will only get more costly.

Lead from the top

Leverage the full power of being a CTO or a leader. Get serious about data governance and ethical practices. Likewise, promote the development or growth of in-house expertise across product, tech, and operations. Create space for new roles and ways of working to take hold.

The institutions/organizations that succeed in these practices won’t just deploy AI successfully —they’ll reshape how their business creates value. That shift is already underway. The only real question is how far ahead you want to be when it reaches scale.

In brief:

The Bank of America AI strategy is a case study in how large financial institutions can deploy artificial intelligence responsibly and at scale. From boosting customer satisfaction to increasing employee productivity, the bank’s AI-led transformation delivers measurable outcomes. For forward-looking CTOs, the question is not if to adopt AI, but how quickly they can follow suit and adapt.