Bank of America's AI usage: 400,000 prompts a day, more than 300 use cases approved

Bank of America CEO Brian Moynihan said AI is driving productivity gains with more than 300 use cases approved with "new capabilities coming on every week."

Speaking on Bank of America's second quarter earnings call, Moynihan said it has enabled its 200,000 employees to leverage AI tools. He said:

"Our associates are generating more than 400,000 prompts a day. And as of last week, we had over 300 AI use cases approved, all of which have good economics, of which 114 are live generative AI use cases. 34 of those cases are fully implemented, and we see new capabilities coming on every week."

Those use cases include providing background for customer relationship managers to prepare for client meetings. Research and presentation materials are automated. And developers are creating more code.

Bank of America reported second quarter net income of $9.1 billion, up 27% from a year ago. Its efficiency ratio improved 359 basis points to 59%. Revenue of $31.6 billion was up 15% from a year ago.

The bank provided the following slide to highlight its progress.

• Bank of America's AI investments boost digital engagement, customer satisfaction
• Bank of America: Why 'digital superiority' matters

Alastair Borthwick, CFO of Bank of America added:

"Digital engagement remains a clear differentiator, with roughly 50 million active digital users, more than 24 million active Erica users and digital sales representing 70% of total sales. New AI capabilities have improved service, increased efficiency and allowed teammates to focus on higher-value client interactions."

Bank of America didn't talk ROI for specific projects, but Borthwick noted that there's a growth and margin improvement. The banking giant is playing AI two ways. On the revenue side, Bank of America is playing a role in financing the AI infrastructure buildout. And broadly speaking, AI is driving productivity. "This is going to be something for the future, and we're just working our way through it," said Borthwick.

Moynihan gave a little more color on AI investment and returns, but not much. He said:

"I think we are spending at a good clip overall in technology and also dedicating a lot of time in the company towards careful examination implementation catalyst, people working to understand the projects in AI. I think there are productivity increases. There's a lot of spending. We're going to be spending more of it, whether that increases expenditures of technology development dramatically or not really has to do with a couple of things. One is they're shifting of spending towards it.

And then secondly, even the coding process has become more and more efficient using these tools. So, the same amount of money in '27 will get us more code, for lack of a better term, in '28. So, we're driving everything as hard as we can. And so, our focus on operating leverage, and we just told you we raised us above the normalized range."