#How is AI Expanding Bank of America's Underwriting Reach?
Artificial intelligence is playing a crucial role in the expansion of Bank of America's underwriting capabilities across the nation. Matthew McQueen, serving as the Managing Director and Global Head of FICC Micro Products, is pivotal to this initiative.
#What is the Current State of AI at Bank of America?
The bank’s commitment to artificial intelligence is evident. Its virtual assistant, known as Erica, has successfully engaged in over 3.2 billion interactions by early 2026. In March 2026, Bank of America introduced an AI-driven meeting platform specifically for its wealth management division. This new tool aims to enhance operational efficiency and elevate the quality of client interactions.
#How Will AI Impact Underwriting Processes?
McQueen oversees mortgage operations, securitized products, and municipal banking, placing him at the center of how AI can transform underwriting. The potential for AI-driven underwriting in sectors like residential and commercial mortgage-backed securities is substantial given the data-rich environment these areas represent.
#What is Bank of America’s Strategy in AI?
The current focus of Bank of America on AI encompasses several strategic areas, including client advisory services, risk management processes, and payment systems. This approach suggests that the bank is methodically enhancing its operations rather than rushing into untested waters.
McQueen’s appointment in November 2025 marks a significant leadership shift. However, as of mid-2026, there have been no confirmed reports linking him to specific initiatives regarding AI-driven underwriting processes.