What we learned at Bank of America’s first Investor’s Day in 15 years
A central message from Bank of America’s first Investor Day in 15 years was the Charlotte-based bank’s commitment to investing in “next-generation technologies” like AI across all business lines to fuel growth.
Over the past decade, the bank has invested over $100 billion in technology. This year, Bank of America will spend $4 billion in technology code initiatives as part of its $13 billion total annual expenditure.
Investor Day is an event where a company’s top executives provides investors with in-depth information on strategy, growth and innovation.
Prior to the event, Bank of America CEO Brian Moynihan told Fox Business News, “It’s time to put the story of the company back on the table.” He wanted to showcase the bank’s growth, particularly net interest income, as well as details about technology investments.
We start with a simple question: what would you like the power to do?” Moynihan said at Tuesday’s event held in Boston, where he lives. “Technology is a strategic enabler. … we have to grow. No excuses.”
The technology investment is used externally and internally to drive efficiency and productivity for the second-largest bank in the U.S. “For our clients, unique capabilities, insights and seamless experience. For our teammates, help them do work better,” Moynihan said.
Bank of America’s virtual financial assistant, Erica, is at the forefront of the bank’s client-facing technology. Erica has had 3 billion interactions since launching in 2018.
Among opportunity for growth are four platforms that make up the backbone supporting the bank’s eight business segments, said Jeff Busconi, head of corporate strategy for Bank of America.
“These are very difficult to replicate,” he said. “We’re already employing AI today across these platforms.”
Global Payment Solutions at Bank of America
Global Payment Solutions, Bank of America’s systems that enable businesses to handle financial transactions across international borders, generates $11 billion in annual revenue. And it anchors $2 trillion in deposits, said Mark Monaco, head of GPS for Bank of America. GPS processed over $450 trillion in payment value for companies and institutions in 2024.
The AI is used in two ways, Monaco said, to help clients make decisions faster and to enhance worker productivity for sales efficiency.
CashPro is Bank of America’s digital banking platform for businesses, used to manage payments, deposits and loans. It allows companies to centrally handle finances.
It’s operating across 145 jurisdictions, contributing to over $1 billion in revenue and a 65% growth in global banking deposits since 2019, Monaco said. CashPro has saved 3,000 customers an estimated 250,00 hours a year using it, Monaco said.
Since Ask GPS launched in August, it has answered over 30,000 queries.
“These are questions that would have taken a lot of time and cross-functional teams to research,” Monaco said. “It’s also helping us generate revenue.”
Technology at Bank of America
Hari Gopalkrishnan, chief technology and information officer for Bank of America, highlighted the bank’s $13 billion annual investment in technology, with $4 billion dedicated to new capabilities.
“The amount we spend on new capabilities has gone up 44% in the last decade,” Gopalkrishnan said.
Bank of America has invested $1.5 billion in data over the past five years to organize and collect information on customer behavior and demographics across multiple lines of businesses. The data is used in 270 AI machine learning models, including helping to reduce fraud losses by 50%.
Investing in technology has tripled growth across every line of business, Gopalkrishnan said. In software development, for instance, the use of coding agents with 18,000 developers has already yielded a 20% spike in productivity.
Bank of America customers also now use the Zelle electronic money transfer system 3.4 times more than checks.
“That makes it less expensive for us, lower fraud and greater customer experience,” Gopalkrishnan said.
Bank of America operations
Chief Operations Executive Tom Scrivener manages the bank’s 34,000-person operations across 32 countries. The bank’s work is organized into 3,700 processes, essential for deploying new technology effectively.
“We cannot deploy new technology to help our teammates unless we understand exactly what our teammates do,” he said. “We know exactly how the work is done, which is what allows us to ultimately deliver innovation, make things faster, make things better.”
For instance, virtual assistant Erica, has eliminated the need for an estimated 11,000 call center workers with standardized data.
Marketing and digital matters at BofA
David Tyrie, chief marketing and digital officer, outlined how his team “amplifies the growth potential” of every line of business. The digital transformation has moved into a “personalization side,” with 79% of households now digitally active.
Tyrie sees the annual 14 billion logins on Bank of America’s website as opportunity for “hyper-personalization” by using AI to provide information and guidance.
Erica has evolved from a simple virtual assistant to a sophisticated tool, with 60% of its 3 billion interactions now being proactive, offering suggestions and next steps. The bank distributes 1 billion alerts a month, which leverage more than 500 models to predict client needs.
“We have unlocked the ability for customers to interact with us as much as they want at a lower cost,” Tyrie said.
Beyond the client, AI is being deployed internally to support employees. Bank of America is seeing “a 60% reduction in service call volume as a result of (Erica),” said Holly O’Neill, president of the bank’s consumer, retail and preferred.
AI also is critical for behind-the-scenes processes, particularly in security and fraud prevention.
The underlying message is clear: “The advancement of AI and technology will continue to make our capabilities better, driving both additional growth and efficiency for the business,” O’Neill said.
This story was originally published November 7, 2025 at 5:20 AM with the headline "What we learned at Bank of America’s first Investor’s Day in 15 years."
