{"id":973691,"date":"2025-11-13T11:09:37","date_gmt":"2025-11-13T05:39:37","guid":{"rendered":"https:\/\/telecomlive.in\/web\/?p=973691"},"modified":"2025-11-13T11:09:37","modified_gmt":"2025-11-13T05:39:37","slug":"ai-gains-for-big-banks-pose-a-competition-headache","status":"publish","type":"post","link":"https:\/\/telecomlive.in\/web\/2025\/11\/13\/ai-gains-for-big-banks-pose-a-competition-headache\/","title":{"rendered":"AI Gains for Big Banks Pose a Competition Headache"},"content":{"rendered":"<p>(Bloomberg Opinion) &#8212; Bank of America Corp. first launched its artificial-intelligence driven chatbot, Erica, nearly a decade ago in 2016. Several iterations and a wealth of patents later, the platform handles about 2 million customer interactions each day, the equivalent of what 11,000 employees could do.<\/p>\n<p>If that sounds impressive, the flipside is the cost: the company has spent nearly $120 billion on technology over roughly the same period, and last year\u2019s $12 billion tech budget included $4 billion for development, including improving Erica and building new apps, on top of the $8 billion required to maintain existing systems. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg Opinion) &#8212; Bank of America Corp. first launched its artificial-intelligence driven chatbot, Erica, nearly a decade ago in 2016. Several iterations and a wealth of patents later, the platform handles about 2 million customer interactions each day, the equivalent of what 11,000 employees could do. If that sounds impressive, the flipside is the cost: the company has spent nearly $120 billion on technology over roughly the same period, and last year\u2019s $12 billion tech budget included $4 billion for development, including improving Erica and building new apps, on top of the $8 billion required to maintain existing systems.<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[55,13,4],"tags":[],"class_list":["post-973691","post","type-post","status-publish","format-standard","hentry","category-it-2-live-mint","category-live-mint","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/973691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=973691"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/973691\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=973691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=973691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=973691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}