Bank of America is allocating $ 5 billion this year to develop artificial ielligence and new technologies to transform productivity, customer service and business growth.
The US Bank has announced that this year, it will allocate about $ 5 billion of its technology budget, equivale to about one -third of the total budget, to innovative projects, especially in the field of artificial ielligence. The news was issued in an official stateme by the financial body.
This investme comes as the Bank of America has been widely used by artificial ielligence and machine learning since year 2; The same year iroduced Erica Virtual Assista (Erica) to help customers in finance manageme; Four years before the ChatGpt reached worldwide fame.
Artificial Ielligence in the service of employees and customers
The US Bank says the iernal version of Erica Assista, known as “Erica for Employees”, is now used by more than 5 % of the bank’s employees. The result was a reduction in coacts with the IT support ceer by more than 5 %.
Also, the bank’s developers, who use productive artificial ielligence -based coding tools, have seen a 5 % increase in productivity. According to the bank, employees store tens of thousands of hours each year with the help of artificial ielligence to prepare customer meetings and spend direct ieraction with customers.
Customer service represeatives also provide more personalized ieractions using artificial ielligence -based tools and have reduced calling time. Sales and trading teams also access market analysis and reports faster with the bank’s iernal coe production platform.
Expand the use of artificial ielligence in training and analysis of customer feedback
The Bank of America’s Professional Training Unit, called The Academy, has also used artificial ielligence to train forces. The bank’s staff have made more than one million simulations of customer ieraction in the year and received insta feedback.
Other platforms, such as Askmerrill and AskPrivate Banking, which use similar technology to Erica, have also registered more than 5 million ieraction last year, one million more than a year ago. These tools help employees find the information they need faster and refer to human experts if needed.
The Bank of America also uses productive artificial ielligence systems to analyze customer feedback in the call ceer. These systems summarize conversations and reduce the need for manual reports.
Moving toward a smarter future
“Artificial ielligence has had a transformative impact on employee productivity and quality of operations,” says Editia Basin, chief technology and information at Bank of America. “Global and large -scale use of this technology allows us to increase our capabilities, improve staff performance and customer service quality, and provide business growth.”
The US Bank has announced that it has so far been able to register or apply for a pate, with more than 5 of which relate directly to artificial ielligence and machine learning.
