"For most of 2023 and 2024, banks in America had a "no comment" philosophy on Gen AI. But over the past year, things have changed. Banks like Bank of America, Citizens, and JPMC are announcing how Gen AI is being deployed in internal use cases to fuel employee productivity. In fact, BofA is leading the way in making the tool available to all its employees, according to research."
"Similarly, Bank of America's CTO Hari Gopalkrishnan hinted that the tech is likely to become a part of its customer-facing chatbot: "As we look at the emergence of Generative AI, we actually see that classification can actually get a lot better. You can actually talk even more naturally in a natural language. So that is just a natural sort of expansion of where we go with Erica." Research shows that nearly 70% of AI use cases don't have any reported outcomes."
Banks in America initially maintained a "no comment" stance on generative AI through most of 2023 and 2024, but adoption accelerated over the past year. Institutions such as Bank of America, Citizens, and JPMorgan Chase have rolled out Gen AI across internal use cases to boost employee productivity, with BofA extending tools broadly to employees. JPMorgan deploys Gen AI in call centers, an LLM suite for employees, and coding tools for technical teams. Bank of America's CTO indicated potential integration of Gen AI into customer-facing chatbots like Erica. Nearly 70% of AI use cases have no reported outcomes, complicating ROI assessment and transparency.
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