Bank of America (BofA) on Wednesday said 32 million customers had used its virtual assistant, which allows them to check bill payments, account balances, and track spending on the mobile banking app, more than 1 billion times since its launch in 2018.
Wall Street banks have lately been focused on expanding into the digital banking space with heavy research and development investments and acquisitions to keep up with customer demands and also as a way to cut overhead costs at physical branches.
“Bank of America has invested $3 billion or more on new technology initiatives each year for over a decade, including significant investments in AI,” said Aditya Bhasin, chief technology and information officer, in a statement….