AI drops call center costs by 97% at KeyBank
KeyBank’s tech and AI investments to hit $1B in 2026
KeyBank will increase its investment in technology and AI in 2026 as it has started to reap returns from the technology.
For example, the bank is saving 97% on its call center costs by using AI, Chief Executive Christopher Gorman said during today’s fourth-quarter earnings call. A call handled by AI costs 25 cents, while a call handled by a human costs $9, he said.
The $184 billion bank, which had 40 AI proofs of concept in place in 2025, is also deploying AI within:
- Loan underwriting and processing; and
The bank is “doing well with respect to implementing AI, but there’s a lot more we can do,” Gorman said.
“We’re investing heavily in AI and technology,” Gorman said. “Our investments in tech and ops has gone from $800 million to $900 million last year to $1 billion this year.”
The bank reported Q4 tech spend of:
- Computer processing expense of $106 million, down 0.9% YoY; and
- Equipment expense of $22 million, up 10% YoY.
In Q4, the bank also reported:
- Revenue of $2 billion, up 16% YoY; and
- Efficiency ratio of 61.8%, compared to 141.3% in Q4 2024.
By modernizing its tech stack and implementing AI, the bank has saved about $100 million in each year, Gorman said.
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