Bank of America’s head of digital speaks on bank’s AI strategy

Bank of America invests about $4 billion annually in AI and other technologies to keep up with the needs of its clients.

“AI at the bank … touches everything we do,” Nikki Katz, head of digital at Bank of America, tells FinAi News on this episode of “The Buzz” podcast.

Katz leads a team of designers, data scientists, product managers and others who meet the needs of the 59 million clients accessing the bank through its digital channels — its website, mobile app, and its AI-driven assistant Erica.

“We make over a thousand different enhancements to [the digital experience] every year,” she says, noting, “We’re constantly tuning Erica.”

Erica adoption continues to grow as it is continuously iterated. The latest stats:

About 50 million clients have used the AI assistant; Clients have engaged with Erica for almost 19 million hours; and  Erica has had over 3 billion interactions. Listen as Katz discusses how her team approaches emerging technology and the application of AI across digital channels at the bank.