In the 1950s when people imagined what the future would look like, they thought about automatic dinners and flying cars.
What they maybe didn’t expect was how normal AI use would look.
Nearly every American industry has embraced AI, using it for everything from chatbots to automating tasks and writing articles, and even shopping.
And no industry has embraced it more than the banking sector. Next time you talk or chat with someone at your bank, it might not be with a person, but a robot.
Banks are embracing AI use
Large banks have been quick to embrace AI use to increase efficiency. And they are spending billions to try and keep up with the latest trends.
JP Morgan, for example, has an annual technology budget of almost $20 billion, while Bank of America spent around $13 billion in 2025.
Banks have found a way to include generative AI in nearly every aspect of their business. Many use it to help with customer service, but is also being incorporated into trading and software engineering.
AI usage by banks surges
- JP Morgan has made generative AI a core part of its focus, with half of its employees using AI tools every day, according to JP Morgan’s chief analytics officer Derek Waldron.
- Wells Fargo uses Google’s conversational AI for its virtual assistant chat.
- PNC also regularly uses AI to automate tedious tasks, according to the Pittsburgh Post-Gazette.
- Capital One uses AI to help with customer service and to drive personalization.
- Bank of America has an AI financial assistant to help customers manage their accounts.
AI use is not without its controversy
U.S. government officials have warned banks that a new AI model from Anthropic could increase cyberattacks, The New York Times reported. Meanwhile, the International Energy Agency has warned that demand for AI and data centers could increase climate change risks.
The latest bank to fully embrace AI is Citibank. But it won’t just use AI to automate simple tasks.
It plans to use AI to help clients make investment decisions.
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Citibank expands AI products for client portfolios
Citigroup already uses AI in its operations. The bank’s head of technology, Tim Ryan, told Reuters that it uses AI to help with account openings and retire old software.
Now the bank’s wealth clients will receive a more customized experience thanks to AI.
“Citi Wealth aims to set the industry standard for client advice and service,” Andy Sieg, head of wealth at Citigroup said in a statement. “Our objective is to create an ecosystem of AI-powered tools that scale the identification of investment opportunities, spot risks and provide guidance for next steps.”
More banking news:
- 150-year-old bank announces branch closures
- 225-year-old major bank closes 16 branches
- More bank branch closures imminent as industry consolidates
Customers can get a full picture view of their portfolios with a new interface. The new app will deliver portfolio positions, performance metrics, and market insights from Citigroup. Advisors will also be able to get direct messages to clients.
The AI tools also include features to help advisors give better advice to clients.
Citigroup advisors can now get access to an AI tool that gives them access to the firm’s latest reports in a conversational chat. Advisors will also get access to an internal platform that consolidates client data and will use an AI notetaking tool to summarize client discussions.
The bank has other AI initiatives in the works, including using it to open customer accounts.
Related: PNC has great news for customers
