Bank of America Tech Summit to Shape Vendor Strategy, AI Budget Push

Bank of America will host its 15th annual Technology Innovation Summit on Oct. 7 in San Francisco, connecting roughly 500 tech founders and investors with its global technology, investment banking and capital markets leaders. About one-fifth of the 7,000 companies that have participated over 15 years have become BofA vendors, said Chief Technology and Information Officer Hari Gopalkrishnan. Past participants include data platform Redis and Tableau, now owned by Salesforce. The Charlotte, North Carolina-based bank spends nearly $14 billion on technology annually, including about $4 billion on new initiatives such as AI. CEO Brian Moynihan has said BofA plans to double its AI budget next year. Gopalkrishnan said summit input can prompt the bank to shift technology strategy. AI, payments, marketing and personalization top this year's watch list.