CHARLOTTE, N.C., March 10, 2026, 10:32 AM EDT
On Tuesday, Bank of America reported its clients logged roughly 30 billion digital interactions in 2025—a 14% increase from last year. The surge came as more customers relied on tools like Erica, the Zelle payments service, and its suite of corporate cash solutions. Shares ticked up about 0.6% by midmorning.
Why does the update matter? Major U.S. banks have been catching heat to prove their big bets on artificial intelligence and digital upgrades are actually driving growth, not just ballooning expenses. Back in November, Bank of America committed $4 billion of its $13 billion tech budget to new initiatives. Then, last month, JPMorgan put out a number: $19.8 billion earmarked for technology in 2026.
So investors get a rare, upfront look from a top lender at how these tools might actually be shifting customer habits. After JPMorgan’s investor day, UBS analyst Erika Najarian noted that markets already see the largest U.S. banks as the main beneficiaries of AI disruption.
Nikki Katz, head of digital at the bank, called the tools a “cornerstone” for client service and relationship-building. Digital engagement rose across consumer, wealth, and global banking segments, according to the company. Erica, Bank of America’s AI-driven assistant, handled nearly 700 million client uses in 2025, reaching 20.6 million users that year. Since launching in 2018, Erica has tallied over 3.2 billion interactions. Bank of America
Zelle now counts 25 million active Bank of America users, who moved $556 billion across 1.8 billion payments in 2025. On the business side, mobile approvals via CashPro hit a record $1.2 trillion. Bank of America’s Life Plan tool has also crossed 21.5 million plans created since its 2020 launch.
Bank of America maintains its spending is sharpening operations internally. In November, chief technology and information officer Hari Gopalkrishnan pointed to AI tools that let some relationship bankers juggle “50 clients instead of 15” by automating tasks like prepping briefing documents. Reuters noted that Erica, the bank’s digital assistant, now takes on work that would otherwise call for 11,000 employees. Reuters
Competitors are placing their own bets on AI, but they’re not all taking the same approach. JPMorgan CFO Jeremy Barnum pointed to “tangible benefits” from machine learning and analytics—he says these tools are helping boost revenue. Over at Wells Fargo, CEO Charlie Scharf sees the technology cutting into headcount as the bank targets greater efficiency. Reuters
Bank of America steps into the race with a sturdier earnings platform than last year. In January, the lender topped fourth-quarter profit forecasts and delivered record net interest income — the spread between loan earnings and deposit costs — reaffirming its target for 5% to 7% growth in that metric this year. Still, shares lagged behind both JPMorgan and Wells Fargo in 2025.
Still, the latest usage stats leave investors wrestling with a tougher call: do higher volumes of clicks, chats and alerts actually drive sustainable revenue, or just end up inflating tech costs? Last month, Najarian pointed out investors remain “very keen” on hearing how AI can translate into real revenue. Scharf, meanwhile, has flagged potential headcount shifts as banks chase efficiency gains from new tech. Reuters
