Bank of America and S&P Global Shared AI Strategies
Financial leaders outlined their approaches to artificial intelligence at the Fortune AIQ Summit in New York.
Updated on Oct. 2, 2026 in Artificial Intelligence
Live Poll
Is now a good time for businesses to prioritize AI over simpler, traditional tools?
Bank of America and S&P Global executives recently detailed their operational strategies for implementing artificial intelligence. Bank of America revealed plans to double its AI investment budget next year as the company continues to refine its use of the technology.
Why it matters
Financial institutions are increasingly prioritizing AI to drive internal efficiencies and improve client-facing services. These developments highlight the balance between innovation and rigorous risk management within the banking sector.
Bank of America currently maintains 140 AI use cases and uses an orchestration layer to route tasks between models. S&P Global reported that its AI implementation achieved 98% accuracy for its 60,000 clients.
The players
Bank of America
This multinational investment bank and financial services holding company is one of the largest financial institutions in the world.
S&P Global
This 160-year-old corporation provides essential intelligence and financial data, including credit ratings and market analysis, to global capital and commodity markets.
Brian Moynihan
He serves as the Chief Executive Officer of Bank of America and has been instrumental in the company's long-term digital transformation strategy.
The details
Bank of America reviews its projects through 16 pillars of risk and avoids AI where deterministic models are sufficient. S&P Global has focused on integrating data with AI to ensure accuracy and auditability, following its 2018 acquisition of Kensho.
Timeline
2018 marked the year S&P Global acquired Kensho.
March 2026 was when the Erica virtual assistant reached 3.2 billion client interactions.
July 6, 2026, saw S&P Global split its Market Intelligence unit into two divisions.
September 2026 featured Brian Moynihan reporting on the costs and benefits of AI use.
Next year is when Bank of America plans to double its AI expense budget.
The Tech Race
The push toward integrated AI across banking platforms follows the patterns set by the Fortune AIQ Summit, where firms are moving from experimental testing to large-scale budget commitments. This shift represents a broader industry pivot toward using AI for operational efficiency rather than just consumer-facing features.
Customers of these institutions may notice more accurate automated assistance and faster transaction processing as AI systems become more deeply integrated. However, users should remain aware that these systems prioritize risk-controlled processes over experimental deployments.
The takeaway
Financial organizations are increasingly moving toward a structured, risk-aware approach to deploying artificial intelligence at scale. Implementing such technologies requires both significant capital investment and a commitment to maintaining accuracy through rigorous internal review frameworks.
Further reading
For more on how major firms are leveraging new tools, read the latest in Artificial Intelligence.
Live Poll
Is now a good time for businesses to prioritize AI over simpler, traditional tools?
