AI Gains for Big Banks Pose a Competition Headache

Bank of America Corp.'s development of its artificial-intelligence driven chatbot, Erica, which handles about 2 million customer interactions each day, marks a significant milestone in the adoption of AI in the banking sector. This means that website owners, particularly those in the financial services industry, need to be aware of the increasing use of AI-powered chatbots by major banks, which could lead to a shift in customer expectations and behavior. As big banks like Bank of America Corp. continue to invest in AI, smaller financial institutions and websites may struggle to compete, potentially losing customers to more technologically advanced platforms. To stay ahead, website owners can take several steps: monitor AI bot traffic to their sites to identify areas where they can improve their own customer interaction systems, update their llms.txt files to ensure they are prepared for the potential influx of AI-generated traffic, and invest in their own AI-powered chatbot solutions to provide a comparable level of service to their customers.