Bank of America prioritizes bigger AI initiatives, as annual spending on new tech increased by 44% over the past decade | Fortune

"The executive that's steering those investments is Hari Gopalkrishnan, a 14-year veteran who was promoted to serve as the chief technology and information officer in late July. Today at Bank of America's investor day event, Gopalkrishnan will outline the vision for these strategic tech bets and discuss how they tie into the broader $118 billion in tech investments that the company has made over the past decade."

""We have steadily increased our spend in technology, now up to $13 billion a year, of which $4 billion goes into strategic growth," Gopalkrishnan tells Fortune ahead of his one-hour investor day panel discussion with two other Bank of America technologists. "We leverage across the enterprise, so every dollar you spend gets the maximum bang for the buck, as opposed to sort of being siloed by line of business.""

"One example of this in action is Erica, an AI virtual assistant that's surpassed three billion client interactions since the tool launched in 2018. It now averages more than 58 million interactions per month, facilitating chatbot conversations with clients, proactively altering them on changes to their past spending patterns or flagging when they may have been double-charged by a merchant, and answering banking questions. The tool is currently available on Bank of Am"

Bank of America increased annual spending on new strategic technology initiatives by 44% over the past decade to $4 billion in 2025. Hari Gopalkrishnan, a 14-year veteran promoted to chief technology and information officer in late July, leads those investments. Leadership will present strategic tech plans at an investor day, linking the $4 billion strategic spend to $118 billion of decade-long tech investments and an overall $13 billion annual technology budget. AI deployments will prioritize applications that scale across all eight lines of business. Erica, the bank’s virtual assistant, has surpassed three billion interactions and averages more than 58 million interactions monthly. Bank of America's stock has lagged five other large U.S. banks for the past five years, increasing scrutiny on technology-driven growth.

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