Bank of America (BofA) plans to invest $4 billion from its $13 billion tech budget into technologies like artificial intelligence (AI) to enhance productivity and revenue. Chief Technology Officer Hari Gopalkrishnan stated at the Reuters Momentum AI Finance conference that AI enables bankers to manage more clients effectively, increasing coverage from 15 to 50. BofA has reported a 90% reduction in software testing time and aims to train its 213,000 staff to leverage AI for business growth.
Bank of America (BofA) plans to invest $4 billion from its $13 billion tech budget into technologies like artificial intelligence (AI) to enhance productivity and revenue. Chief Technology Officer Hari Gopalkrishnan stated at the Reuters Momentum AI Finance conference that AI enables bankers to manage more clients effectively, increasing coverage from 15 to 50. BofA has reported a 90% reduction in software testing time and aims to train its 213,000 staff to leverage AI for business growth.