Bank of America to double AI budget as Erica assistant handles 3.6 billion transactions
Bank of America chief technology and information officer Hari Gopalkrishnan said at Fortune's AIQ Summit that the bank's Erica virtual assistant has handled 3.6 billion transactions, and without it the bank would need 11,000 more people to answer calls. CEO Brian Moynihan said in September that about 140 AI uses cost $400 million and generated $800 million in benefits, and that the AI expense budget will double next year.
NoteEvery AI project at the bank goes through a review covering 16 risk pillars, including privacy, bias and workforce impact, a sign that governance at this scale has to grow alongside the spending before agents are trusted to act without a human in the loop.