Since 2022, the bank has experienced a remarkable 94% increase in patents and pending applications in the AI and ML sectors.

To support its technological advancements, Bank of America invests over $12 billion annually, with approximately $4 billion earmarked for new technology initiatives in 2024.

The bank's AI-driven virtual financial assistant, Erica, has been utilized by more than 45 million clients, achieving 2.4 billion interactions since its launch in 2018.

In treasury operations, Bank of America employs CashPro Chat, an AI-powered virtual assistant that aids 40,000 corporate clients.

The Intelligent Receivables platform utilizes AI to streamline payment processing and minimize manual reconciliation costs.

Client Insights, introduced in 2020, empowers wealth management advisers to leverage AI in identifying and responding to changes in client circumstances.

The bank's internal chatbot in Global Markets employs natural language processing and ML to enhance the accuracy and speed of responses to trading-related inquiries.

Throughout its AI initiatives, Bank of America emphasizes the importance of human oversight, transparency, and accountability.

Of the nearly 1,100 AI and ML patents and applications held by the bank, more than half have already been granted.

Bank of America leads the financial services industry with nearly 7,000 granted patents and pending applications, including close to 1,100 specifically related to artificial intelligence (AI) and machine learning (ML).