Bank of America spends $3 billion developing and buying technology every year, and about three times that on keeping its existing IT infrastructure going, says David Reilly, global banking and markets technology chief information officer. As you might expect, some of that goes to artificial intelligence technology. The bank does not disclose how much. Speaking on Thursday at the bank's NYC Technology Summit, Reilly and other executives shared some of their experiences with AI and some of their concerns about it. Bank of America's chatbot, erica, which is currently available in 10 states, uses two forms of AI: natural language processing to understand speech, text and intent, as well as machine learning to glean insights from customer data that can be turned into advice and recommendations.