The bank’s strategists are using machine-learning programs -- which enable computers to comb through vast amounts of data to draw inferences and make predictions on their own -- to tell clients what to buy and sell.
The bank’s AI-driven virtual assistant, which lets people quickly search transactions and cancel subscriptions and other recurring charges, was an instant hit. But BofA will have to take a number of steps to sustain erica's early momentum.
Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.
AI in a car can be fatal. What could go wrong with AI in a bank? A new council established by BofA and Harvard hopes to minimize unintended consequences that could jeopardize consumers' financial well-being or discriminate against them.
The bank is providing Merrill Edge's do-it-yourself clients with more automated stock and portfolio research, but it plans to hire more financial representatives for those who want in-person advice in branches.