How Bank of America is Transforming with AI and Data

Bank of America is investing $13 billion annually in technology, with $4 billion allocated to technology code initiatives and $1.5 billion dedicated to data analytics over five years. The bank’s virtual assistant, Erica, has conducted over 3 billion interactions since 2018, and AI tools have increased software development efficiency by 20 percent. Global Payment Solutions generates $11 billion in annual revenue and processed $450 trillion in payment value in 2024. CashPro operates in 145 jurisdictions, saving customers 250,000 hours annually and increasing global banking deposits by 65 percent since 2019. The bank uses 270 machine learning models to reduce fraud losses by 50 percent and supports 14 billion logins annually, with 79 percent of households digitally active. Digital transactions through Zelle now outpace check usage by more than three times, and automation has eliminated 11,000 call center positions. Bank of America’s operations span 34,000 employees in 32 countries, organized into 3,700 processes, with AI supporting security and risk management.Learn more on this news by visiting us at: https://greyjournal.net/news/ Hosted on Acast. See acast.com/privacy for more information.