AI in regulated industries: BofA and S&P on the huge gains to be had, and the risks of rushing in

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  "detected_at": "2026-10-01T23:36:06+00:00",
  "company": {
    "name": "Bank of America",
    "domain": "bankofamerica.com"
  },
  "data": {
    "url": "https://fortune.com/2026/10/01/ai-regulated-industries-bank-of-america-sp-global/",
    "title": "AI in regulated industries: BofA and S&P on the huge gains to be had, and the risks of rushing in",
    "assets": "AI technology",
    "author": "Nick Lichtenberg",
    "excerpt": "Bank of America’s chief technology and information officer said one of the most common AI mistakes is reaching for it first. His bank also plans to double its AI budget next year. “One of the biggest mistakes we see us and others doing is rush to AI as a solution,” Hari Gopalkrishnan said at Fortune ‘s AIQ Summit in New York, “when deterministic models do a plenty good job.” Gopalkrishnan appeared with Sally Moore , S&P Global’s chief client officer and co-head of Kensho Data & Platforms. Fortune Editorial Director Andrew Nusca moderated. Gopalkrishnan said the bank starts with what clients need and a “process inventory” of the steps behind their requests. It often decides against AI - “plenty of times,” he said. A mobile app or a real-time decision rule can be the better answer. Every AI project also goes through a review that covers 16 “pillars” of risk, including privacy, bias, workforce impact and intellectual property. “We’re not going to implement a chatbot that only answers to certain accents,” he said. He said the bank has used AI for more than a decade, starting with fraud models. Its Erica virtual assistant has handled 3.6 billion transactions, he said, and without it the bank would need 11,000 more people to answer the calls. A March bank press release counted Erica’s client interactions at more than 3.2 billion. The caution comes with heavy spending. CEO Brian...",
    "summary": "Bank of America plans to double its AI expense budget next year from its current $400 million.",
    "planning": true,
    "image_url": "https://fortune.com/img-assets/wp-content/uploads/2026/10/55563689899_8028688390_3k.jpg?resize=1200,600",
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    "assets_tags": [
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    "published_at": "2026-10-01T23:36:06Z",
    "article_sentence": "CEO Brian Moynihan said in September that about 140 AI uses cost $400 million and generate $800 million in benefit, and that the AI expense budget will double next year."
  }
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