Bank of America is investing in technology initiatives as automation and digitalization remain priorities. 

The $3.2 trillion bank spends $12 billion annually on technology, a Bank of America spokesperson told Bank Automation News. 

Nearly a third of that $12 billion is spent on technology initiatives including innovation, Chief Executive Brian Moynihan said Sept. 10 at Barclays Global Financial Services Conference.  

The bank’s technology initiatives include investment in: 

• Innovation. In 2023, the bank was granted 644 patents, 1 in 5 were related to AI. 

• Self-service capabilities. Mobile usership increased 5% year over year in the second quarter to 39 million clients as the bank invested in its mobile offerings and virtual assistant Erica. 

• AI-driven insights. The bank’s AI adviser and client insights tool has delivered more than 6 million insights to financial advisers. 

• Internal training. This year the bank invested in virtual reality training and plans to add 10 to 20 modules to the program annually. 

In 2024, technology initiative spending will likely reach $4.2 billion, up from $3 billion in 2019, Moynihan said.  

“We continue to invest in innovation heavily,” he said. 

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