#United States #New York #Bank of America #AskGPS #Global Payments Solutions

Bank of America Introduces Generative AI Assistant for Payments

Bank of America (BofA) has launched an innovative generative AI assistant, named Ask Global Payments Solutions (AskGPS), marking a significant transformation in how the financial giant serves its massive client base around the globe. This new tool is primarily aimed at enhancing the efficiency and clarity of interactions with over 40,000 business accounts the bank manages internationally. The AskGPS system is designed to provide prompt and accurate answers to a wide range of client inquiries, ranging from straightforward questions to more complex ones.

A New Era of Client Engagement

In a recent announcement, Mark Monaco, the head of Global Payments Solutions at Bank of America, emphasized the major shift brought about by AskGPS. He stated, “AskGPS turns institutional knowledge into real-time intelligence.” Unlike conventional search tools, AskGPS acts as a strategic engine that empowers staff to respond rapidly while delivering the clarity and advice that modern clients expect.

Previously, when confronted with complex inquiries, Bank of America employees often had to invest up to an hour or more in gathering information, which included reaching out to product specialists across various time zones. With AskGPS, these inquiries can now be addressed almost instantaneously. This shift is projected to save the bank tens of thousands of employee hours every year, allowing staff to dedicate more time to critical client interactions.

Driving Efficiency and Tailored Solutions

The benefits of AskGPS are multifaceted. Clients can anticipate faster resolutions for inquiries related to products and onboarding processes. Moreover, the tool is rooted in an extensive database comprising over 3,200 internal documents, guides, and frequently asked questions, enabling it to deliver more customized solutions. As sales personnel and banking professionals utilize AI to extract best practices from the bank’s wealth of knowledge, the overall strategic guidance improves across the board.

Jarrett Bruhn, the head of Data and AI for Global Payments Solutions, noted that AskGPS is a considerable advancement in the bank’s approach to leveraging generative AI. “By transforming static content into dynamic intelligence, we’re not just improving access; we’re changing the way our teams learn, respond, and lead with insight,” he said.

Expanding the AI Landscape

AskGPS serves as an essential addition to Bank of America’s existing suite of AI solutions used within the Global Payments Solutions unit. This includes:

• - CashPro® Chat with Erica®: A virtual assistant that is already utilized by 65% of BofA’s business clients for real-time support related to accounts and transactions.
• - CashPro Forecasting: This predictive analytics tool forecasts cash positions, giving clients valuable foresight into their financial standing.
• - Intelligent Receivables: Integrates payment information with corresponding remittance details from diverse payment channels, thereby streamlining financial management.

As Bank of America continues to roll out AI technology across four major domains—intelligent agents, search and summarization, content generation, and operations and coding—the objective remains clear: to automate routine tasks while granting employees the freedom to engage more deeply with their creative processes and complex client requirements.

Bank of America: A Financial Leader

Bank of America stands as one of the world’s foremost financial institutions, providing an extensive range of financial services including banking, investing, asset management, and risk management solutions. The bank aims to deliver unmatched convenience to approximately 69 million consumer and small business clients through its robust physical and digital infrastructure. With around 3,700 retail locations and approximately 15,000 ATMs, alongside digital banking that boasts 59 million verified users, BofA is well-poised for future growth.

Furthermore, the institution serves a wide array of clients globally, ranging from individual consumers and small businesses to large corporations and government entities. With a strong commitment to leveraging cutting-edge technology like AI, Bank of America is setting a new standard in the financial services sector, ensuring that its clients receive the most effective and insightful support possible.

For further updates and in-depth insights into Bank of America's advancements and services, interested parties can visit the official Bank of America newsroom or subscribe to their notifications.