Bank of America's AI Assistant Saves Millions
Update: 2025-11-17
Description
Bank of Americas AI assistant, Erica, handles workload equivalent to 11,000 call center reps, boosting revenue and cutting expenses. With a $13 billion tech budget, the bank aims to improve customer experiences, increase revenue, and reduce costs. Erica manages 3 billion customer interactions, handling tasks like checking charges and ordering checkbooks. AI also analyzes fraud in person-to-person payments, significantly reducing fraud losses. The bank plans to remove toil from systems, streamlining processes and allowing employees to focus on more engaging work.
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