Bank of America reports that over 90% of its 213,000 employees currently utilize its AI-powered internal virtual assistant, significantly reducing calls to the IT services desk by 50%.
The virtual assistant, known as Erica for Employees, was launched in 2020 and experienced a surge in usage during the pandemic. As employees adjusted to remote work, many sought assistance with tasks such as mobile device password resets and device activations.
Since its introduction, Erica has expanded its capabilities, now assisting employees with reviewing health benefits and accessing payroll and tax forms. Additionally, the technology behind Erica is being utilized by Merrill and Bank of America Private Bank teams to enhance information curation. When necessary, its chat functionality connects teams to experts within the bank for assistance with more complex inquiries.
In call centers, Bank of America leverages generative AI to summarize call recordings and support developers in coding tasks.
The bank is heavily invested in AI, holding over 1,200 patents related to AI and machine learning, with more than half already granted. “AI is revolutionizing employee efficiency and operational excellence,” stated Aditya Bhasin, Chief Technology and Information Officer at Bank of America. “Our global deployment of AI at scale enhances our capabilities, boosts employee productivity and client services, and propels business growth.”
Bank of America allocates $13 billion annually for technology, with approximately $4 billion earmarked for new technology initiatives in 2025.