Hari Gopalkrishnan is stepping into the spotlight as Bank of America’s new Chief Technology & Information Officer, inheriting a hefty $13 billion tech budget for 2025.

Far from chasing flashy gimmicks, Gopalkrishnan is steering the ship cautiously—dedicating $4 billion to AI and emerging tech that truly solve problems, not just dazzle.

With over 1,400 AI patents under its belt and its chatbot Erica logging a jaw-dropping three billion interactions, BofA is clearly doubling down on artificial intelligence as the engine powering its next act.

But there’s more behind that number. Prior to this milestone, Erica had already become a staple—over 2.5 billion interactions with 20 million users by early 2025, according to bank data.

It’s not just about volume though—later figures highlight that Erica now averages 58 million monthly interactions and has delivered 1.7 billion personalized insights.

All of which means the AI behind the scenes is already woven into how millions manage budgets, track spending, and plan their finances.

While BofA’s AI investment plan is ambitious, Gopalkrishnan insists on smart spending. He famously pulled the plug on voice AI features because clients simply didn’t want to talk out loud about their finances. That kind of restraint is rare in the AI hype-cycle—and refreshing, if you ask me.

What’s really interesting is that BofA is building industry-specific AI tools: “ask MERRILL” and “ask PRIVATE BANK” help advisors prep for meetings.

On the commercial side, there’s an AI assistant that drafts briefing documents from disparate data points—something that used to take new bankers hours or even days. That kind of AI isn’t just flashy—it’s tactical.

So how does all this user-friendly AI mesh with industry trends? Well, BofA is playing catch-up to peers like JPMorgan and Citi, but its execution seems more deliberate. Its in-house AI rollout—spanning employees and clients—is now one of the broadest in U.S. banking.

What we haven’t heard yet is how all this is translating into tangible returns. Gopalkrishnan expects the payoff to show by 2026–2027—but until that happens, we’re watching a high-stakes experiment unfold. Let’s see if this steady investment in long-term AI can set a new standard for banking tech.

Origianl Creator: Mark Borg
Original Link: https://ai2people.com/bofas-quiet-ai-revolution-13-billion-tech-plan-aims-to-make-banking-smarter-not-flashier/
Originally Posted: Thu, 21 Aug 2025 04:57:40 +0000