The bank’s co-president Wednesday pointed to “clearly identifiable” gains from AI, as questions swirl around how soon returns on investment will be seen.

As companies zero in on returns from artificial intelligence investments, Bank of America Co-President Jim DeMare said Wednesday there’s a deeper concern beneath mounting questions on the pace of capital spending by large companies.

“The question was really getting at, are we going to see returns quickly enough?” DeMare said during an appearance at a BofA Securities conference.

AI spending in financial services has soared, giving way to rising pressure around returns on investment. Consulting firm Accenture found only 20% of bank leaders are seeing widespread, sustained value from AI initiatives, pointing to scale challenges.

Thus far, the most measurable AI returns are found within technology units, such as with software development and coding, BofA’s DeMare said.

Across most industries, AI is boosting coding productivity about 15% to 20%, he said, and that’s the gain BofA is seeing as its 20,000 software developers use coding agents to optimize the development process.

“That's clearly identifiable,” DeMare said. Tapping capabilities of the bank’s AI-powered virtual assistant Erica to handle internal self-service has also led to a considerable reduction in help desk inquiries at the bank, he added. BofA has said Erica handles the work of about 11,000 people.

The Charlotte, North Carolina-based lender expects to double its expense budget for AI next year, Bank of America CEO Brian Moynihan said last week at a Barclays conference appearance .

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