Banks find AI pays in the boring bits (opens the source in a new tab)
- Finance placed a dozen firms on Fortune’s AIQ 75 list, second only to tech, with JPMorgan Chase first overall. BCG says financial firms were set to invest 2% of revenue in AI this year.
- Bank of America says its EricaAssist agent cut average call times by nearly a minute; Wells Fargo saw a 31% rise in product sales when branch bankers used AI; 87% of Citi staff use its Stylus tool.
- BNY now has nearly 400 AI initiatives in production, while Bank of America stays cautious on fully autonomous agents.
- 31%
- Wells Fargo branch sales lift with AI
- ~400
- BNY AI initiatives in production
Why it matters Returns come from narrow, measurable jobs: shorter calls, faster documents, better-prepared bankers. That is the opposite of Character.ai’s story, and it is where IT vendors serving banks should aim.
Other side These figures come from the banks’ own executives. Proof of profit, not just activity, is still thin.
Source:Fortune (free to read) ↗