Both lenders have outlined plans to use the technology to boost efficiency and profits

Bank of America and Goldman Sachs have both outlined how AI is being deployed to improve efficiency and drive growth, as the technology becomes embedded in both consumer-facing products and internal operations.

At Bank of America, AI is central to a broad overhaul of its credit card and consumer operations, as the lender looks to extract more value from a product that remains dominant in the US payments market. Despite ongoing scrutiny of credit card fees and interest rates, the bank is doubling down on the segment as a key profit driver.

The bank plans to use AI to refine customer acquisition strategies and improve credit risk decisions, while encouraging existing customers to deepen their relationships with the firm. The overhaul also includes updated digital features and revised rewards structures, with a focus on offering more tailored incentives to customers with higher account balances.

Bank of America said the changes are designed to support growth in its consumer franchise, with management targeting an increase in its consumer customer base from 69 million to 75 million and aiming for $20 billion in consumer profits by 2030.

Meanwhile, Goldman Sachs is applying AI to streamline internal processes and automate core operational functions. The investment bank has been working with artificial intelligence startup Anthropic to develop autonomous AI agents capable of handling tasks traditionally performed by employees, as reported by CNBC.

For the past six months, Goldman Sachs has been collaborating with embedded Anthropic engineers to co-develop agents in areas including trade and transaction accounting, as well as client vetting and onboarding. The tools are based on Anthropic’s Claude model and are intended to significantly reduce the time required to complete these functions.

Goldman’s chief information officer, Marco Argenti, said the bank is in the early stages of development but expects to launch the AI agents soon.

BankingExchange

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