Bank Of America CEO Says AI's Biggest Challenge Isn't Technology—It's Data Quality
By CU Today Staff —
CHARLOTTE, N.C.— Bank of America CEO Brian Moynihan said the biggest obstacle to successfully deploying artificial intelligence at scale is ensuring the underlying data is accurate, telling American Banker that "the data has to be perfect" for AI systems to deliver reliable results.
According to American Banker, Moynihan said Bank of America has spent years preparing for AI adoption by focusing on data quality and governance rather than simply deploying new technology. The bank has been among the industry's most aggressive users of AI through its Erica virtual assistant and other internal tools.
That focus on data cleanliness is not new. Banking Dive reported in 2024 that Moynihan said Bank of America had spent billions of dollars over the previous decade organizing and cleaning data, describing that work as foundational to the bank's AI strategy.
Bank of America continues to increase its technology spending as AI adoption expands. In his 2026 shareholder letter, Moynihan said the company has invested more than $100 billion in technology over the last decade, including more than $4 billion in new technology initiatives during 2025. Reuters has separately reported that bank executives say AI is improving employee productivity, helping bankers manage more client relationships and accelerating software development and testing.
Originally reported by CU Today.