Bank of America invests $ 5 billion to develop artificial intelligence and new technologies

The US Bank has announced that this year, it will allocate about $ 5 billion of its technology budget, equivalent to about one -third of the total budget, to innovative projects, especially in the field of artificial intelligence. The news was issued in an official statement by the financial body.

This investment comes as the Bank of America has been widely used by artificial intelligence and machine learning since year 2; The same year introduced Erica Virtual Assistant (Erica) to help customers in finance management; Four years before the ChatGpt reached worldwide fame.

Artificial Intelligence in the service of employees and customers

The US Bank says the internal version of Erica Assistant, known as “Erica for Employees”, is now used by more than 5 % of the bank’s employees. The result was a reduction in contacts with the IT support center by more than 5 %.

Also, the bank’s developers, who use productive artificial intelligence -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 intelligence to prepare customer meetings and spend direct interaction with customers.

Customer service representatives also provide more personalized interactions using artificial intelligence -based tools and have reduced calling time. Sales and trading teams also access market analysis and reports faster with the bank’s internal content production platform.

Expand the use of artificial intelligence in training and analysis of customer feedback

The Bank of America’s Professional Training Unit, called The Academy, has also used artificial intelligence to train forces. The bank’s staff have made more than one million simulations of customer interaction in the year and received instant feedback.

Other platforms, such as Askmerrill and AskPrivate Banking, which use similar technology to Erica, have also registered more than 5 million interaction 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 intelligence systems to analyze customer feedback in the call center. These systems summarize conversations and reduce the need for manual reports.

Moving toward a smarter future

“Artificial intelligence 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 patent, with more than 5 of which relate directly to artificial intelligence and machine learning.