90% of Bank of America employees use AI

Bank of America regularly relies on the publication of quantified results on the implementation and deployment of several of its initiatives. Last March, for example, the bank submitted the changing uses of its financial services and highlighted some figures concerning the adoption of artificial intelligence technologies by its clients. More recently, it took stock of the adoption of these technologies by its internal teams this time.

FACTS

• Two AI-based virtual assistants, Ask MERRILL and Ask PRIVATE BANK, have been deployed by the bank to its teams since 2020 to help them:
  • Efficacy: Interactive coaching sessions can be organized as part of conversation simulators;
  • Improving their productivity: A chat service allows you to contact experts to answer complex questions. Software developers can use a GenAI-based tool to facilitate code writing and optimization, allowing them to achieve efficiencies of more than 20%. ;
  • Optimize customer service: Thanks to modules capable of efficiently organizing information and creating appointment support.

• Not less than 90% of Bank of America employees would use this internal AI technology today, to accomplish some of their daily tasks. 213 000 employees are affected through all sectors of the enterprise. Moreover, the service is still gaining in users since more than 23 million interactions were recorded with Ask MERRILL and Ask PRIVATE BANK in 2024, which represents an increase of one million compared to 2023.

• Among the practical cases and improvements recorded by the bank, its virtual assistant has, in particular, reduced the number of calls made by its employees to its IT support service by more than 50%.

• New features must be deployed later this year to further enrich the experience of the bank's employees.

ISSUES

• Continue its adoption of technologies : Whether for its end customers or its in-house employees, Bank of America has long been working on the adoption and integration of new technologies to improve banking experience. It thus ensures that digital transition of its services for many years and recently presented the advantages of virtual reality technologies improving these training processes, for example.

• Cut short of fears : The use of technology in processes is a source of concern for many employees today who fear being replaced by artificial intelligence. Unlike the DBS Bank, which announced Bank of America has recently replaced some of its employees with AI, and is now seeking to demonstrate the value of AI's technologies to its employees themselves and to optimize their daily tasks.

PERSPECTIVE

• In parallel with the announcement of this internal adoption, Bank of America also specifies that its customers (Special and Professionals) have interacted with Erica more than 2.5 billion times since the beginning of its deployment. 20 million clients now actively use the virtual assistant.

• The Bank can thus boast that it has managed to offer a value-added technology service for all these internal and external targets. Bank of America is very active in these areas and in any case holds nearly 7,400 patents granted and pending patent applications, including over 1,200 patents focused on AI and machine learning.

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