Bank of America’s Holly O’Neill, president of consumer, retail and preferred banking, prioritizes the combination of human touch and emerging technology within the bank’s experiences. 

The $3.2 trillion bank uses AI within its consumer bank, including its AI-driven chatbot Erica, which has 20 million active users, according to the bank’s second-quarter earnings report.

“As AI becomes more advanced, these tools will continue automating traditionally repetitive and time-consuming tasks even more efficiently for our people across the company,” O’Neill said. “This will allow our people to add more time and value to other important areas of our consumer banking services, such as being creative, driving innovation, having a conversation with a client or addressing a client’s more complex needs.” 

O’Neill joined Bank of America in 1996 and has held various roles within the bank including in the Corporate and Investment Bank, Bank of America Private Bank and Merrill Lynch Wealth Management Private Banking and Investment Group. 

O’Neill discussed with Bank Automation News how Bank of America is expanding its consumer business offerings with AI, new branches, personalization and more financial services advisers. What follows is an edited version of the conversation.  

Bank Automation News: Given your oversight of consumer and preferred banking, how are you envisioning the next generation of AI in banking — beyond virtual assistants — to reshape client relationships and operational models over the next three to five years? 

HO: AI and automation will enable us to fast-forward our high-tech and high-touch strategy for our consumer business — a two-pronged approach focused on both enhancing our digital capabilities and our physical branch presence to reach more clients and meet their evolving needs. We see an opportunity to leverage AI to further enhance Erica’s digital capabilities, give our teammates better tools to serve our clients in-person and to automate more of our processes and platforms. 

As we more fully integrate AI solutions across our lives, digital is the centerpiece of our relationship-driven strategy, with client digital interactions surging to over 26 billion in 2024.  

AI tools, like our virtual financial assistant, Erica, help bring this strategy to life — with our clients interacting with the tool nearly 3 billion times since its launch in 2018. For example, clients can log into their digital banking platforms and consult with Erica on their financial needs, and from there, if they still need assistance, Erica can connect clients with a live chat or phone call with one of our bankers or schedule an in-person appointment at one of our financial centers. We are continually looking for ways to enhance Erica based upon our clients’ needs, and AI will help us do that. 

In the next generation, specialists will be supported and powered by AI tools to assist them when interacting with clients, and will have more time and availability to help our clients with their complex financial needs. 

BAN: With millions of clients across vastly different financial stages, how do you see hyper-personalization evolving at Bank of America? 

HO: Personalization is a priority at Bank of America. We continue to adapt and develop our digital solutions to provide a personalized experience for our clients no matter what their relationship is with us or what goals they are trying to achieve. Last year, we launched our unified app experience to offer clients a consistent, seamless personalized digital experience across all account types, revolutionizing how our clients interact with us. The platform allows our clients with multiple relationships to monitor, manage and optimize their banking, investing and retirement accounts all from a personalized dashboard.  

While having convenient and easy-to-use digital tools is important, having access to professionals who can help you navigate your financial goals is equally important. That’s one of the reasons we have financial solution advisers (FSAs) in all of our financial centers. Our FSAs help clients with their financial planning and life priorities. This role has helped make receiving financial advice much more accessible for our clients across the wealth continuum. 

BAN: As AI and predictive analytics become more embedded in customer interactions, how are you thinking about where the human banker adds unique value — and how technology can amplify, not replace, that relationship? 

HO: Our strategy to deliver a seamless experience for clients across all channels is two-pronged — expanding our retail banking presence to bring solutions to more clients and communities and heavily investing in our digital capabilities. This high-tech and high-touch approach means our team can help meet client needs wherever they are in their financial journey and deliver extraordinary client care, no matter how they choose to do their banking. 

With more than 90% of client interactions taking place through digital channels, we have adapted our financial centers to focus on meeting spaces where clients can have in-depth conversations focused on their more complex financial needs. While many clients have transitioned to completing basic day-to-day transactions via our mobile app, in the past year clients made approximately 10 million appointments with financial specialists in locations across the country. We’re on track to open 40 new financial centers this year and an additional 70 new financial centers in 2026 to better connect with our clients who seek in-person guidance and assistance. 

We also see an opportunity for technology and AI to supercharge these human interactions that take place in our financial centers, where our bankers have access to AI tools, capabilities and predictive insights to drive even more meaningful conversations with our clients. 

BAN: Drawing from your own career path — from risk management to client experience to consumer leadership — how has your view of what it takes to lead a major digital transformation changed?  

HO: Financial services leaders should continue to cultivate trust with their clients as a top priority. As our services evolve, maintaining trust is of the utmost importance. Part of developing trust is making sure we listen to client concerns — constantly gathering feedback as we look to continue expanding our digital products and services.  

I also believe integration is crucial. For example, if a client needs to access their accounts, whether through self-service or with an associate, the transition must be seamless and transparent between the different experiences. Integration at every point is key to simplifying the banking experience. 

BAN: What technology or model shifts — embedded finance, decentralized ID, predictive financial health tools — are you most focused on preparing Bank of America for now? 

HO: The first wave of digital solutions that we developed at Bank of America was focused on monitoring information. 

The second wave — which we’ve been in for several years — is about allowing clients to take action based on this information and manage their full financial lives.  

Now, as we enter the third wave, the focus is on intelligence and automation. Our focus in these areas will intensify as we work to meet and anticipate our clients’ needs.