The use of AI in banking was a topic in April, as Bank of America revealed it will spend $4 billion on AI initiatives in the coming year. The bank cited AI’s usefulness in reducing IT support calls and the over 90% usage rates for its internal AI assistant. Wells Fargo’s AI assistant is also seeing increased use, with the bank revealing the Fargo AI system handled 245.5 million interactions in 2024. AI is continuing to transform the banking sector by improving efficiency while also protecting highly sensitive data.
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