Bank of America Using Artificial Intelligence to Drive Changes in the Private Sector
Bank of America (BoA), a New England Council Member, is harnessing the transformative power of automation and artificial intelligence (AI) in the financial services sector. In a recent interview at the 2019 SIFMA Operations Conference and Exhibition, Cathy Bessant, the bank’s Chief Operations and Technology Officer, spoke about how BoA is adapting to the changes.
Bessant spoke about how BoA is bridging the skill-sets of today with the skill-sets of tomorrow. One example is that banks might hire less tellers, but hire more relationship managers who can assist customers dealing with complicated tasks. She explained that automation will free up workers to focus on higher-order tasks. Bessant also highlighted the expanded role for employees working in cybersecurity or privacy services.
Asked how BoA is harnessing AI, Bessant replied that the bank is “gaining customer insights, analyzing customer credit worthiness evaluations, and budget forecasting.” She added, “AI is being used to analyze large amounts of data at high speed to produce insights important for advancement and growth.”
The Council applauds Bank of America for working to harness the power of automation and AI, and for leading the way in developing those technologies in the banking industry.