Investing for the Long Run
Moynihan told investors the bank will spend $13 billion on technology this year, with $4 billion tagged as “code initiatives” — projects that directly create new capabilities. Over the past decade, Bank of America has invested more than $100 billion in technology. “Technology is a strategic enabler,” he said, adding that the goal is to make it a competitive advantage for clients and shareholders alike. Those outlays, he said, deliver value “both externally and internally” by giving customers seamless experiences and helping employees do their jobs better.
AI in Action
Moynihan said Bank of America’s use of AI is not experimental but embedded in day-to-day operations.
“These aren’t theoretical applications that prove the concept you’re reading about in the press,” he told investors. “These are tendered tools applied to real-life activities that already help us personalize client experiences, streamline capabilities, and identify new opportunities — all while saving human capital.”
He added that AI is beginning to drive another round of efficiency gains, particularly across underwriting, audit, legal and finance functions.
High Tech and High Touch
The CEO repeated his long-standing mantra that successful financial services must be “high touch and high tech.” Bank of America operates 3,600 financial centers, each averaging $500 million in deposits, while digital platforms such as the bank’s virtual assistant Erica — now handling 3 billion customer actions since launch — allow customers to manage their finances around the clock. “Our customers want it all, twenty-four by seven,” Moynihan said. “That means investing in digital platforms that make financial services easier, faster and more secure.”
Clients Drive the Direction
Moynihan framed the bank’s technology agenda as a direct response to client demand for seamless, integrated service. “It’s about them, not about us,” he said.
“It’s about our ability to help them navigate and achieve their goals in a holistic and integrated way.” Whether it is an individual planning for retirement or a multinational corporation managing global cash flows, he said, clients expect the bank to connect human expertise with digital efficiency.
The combination, he argued, produces deeper, longer relationships and “very low attrition.”
AI in the Back Office
Beyond customer-facing innovations, Moynihan said AI and automation are improving productivity across operations and corporate functions. He cited loan underwriting, compliance reviews and internal reporting as areas already benefiting from AI-enabled workflow. The result, he said, is a more efficient platform that can grow faster without expanding headcount.
“Now we can drive productivity even better across the other areas in the company,” he said, noting that technology has allowed the bank to keep total employment steady at roughly 213,000 people while continuing to add new capabilities.
Capital for the Future
Looking ahead, Moynihan said Bank of America will continue to allocate capital toward technology and talent that support “responsible growth.”
“Everything we discussed today — our platforms, our talent, our technology — has taken years of development and billions of dollars of investment,” he said. The bank plans to sustain that pace, using scale to extend digital reach, strengthen risk management, and improve returns.
“New technologies may give us new possibilities to continue to do that in ways we haven’t done before,” he told investors.
Consumer and Corporate Strength
Moynihan also linked the bank’s digital momentum to broader business performance. Consumer spending in Bank of America accounts rose 6% year-over-year in October, and deposit growth remains strong across retail and business clients.
“Our business is anchored by being the core to our customers’ daily lives,” he said. “That position gives us deep insights into what they’re doing, allowing us to serve them holistically and grow relationships over time.”
