AskGPS” Expected to Save Tens of Thousands of Employee Hours Annually While Enhancing Advisory Services
Bank of America is using generative AI to transform how its Global Payments Solutions (“GPS”) team serves the company’s more than 40,000 business clients worldwide. The newly launched Ask Global Payments Solutions (“AskGPS”) was built in-house and trained on over 3,200 internal documents and presentations – including product guides, term sheets, and FAQs. Through AskGPS, employees can now pose simple to complex client questions and receive answers within seconds.
Financial Technology Insights: Study: 70% of Viral Finance TikToks Are Misleading
“AskGPS turns institutional knowledge into real-time intelligence,” said Mark Monaco, head of GPS at Bank of America. “It’s more than a search tool it’s a strategic engine, helping our teams respond faster and deliver the kind of clarity and advice clients expect in today’s environment.”
Previously, a sophisticated inquiry could take an employee an hour to complete and involve making phone calls to product specialists across different regions and time zones. Now, using AskGPS, employees can achieve the same result almost instantly, creating the potential to save tens of thousands of hours annually.
Financial Technology Insights: Bybit Unveils VIP Portal to Report Stolen Fund Inflows
The AI assistant directly benefits Bank of America clients through:
- Faster turnaround on product and onboarding inquiries
- More tailored solutions, grounded in thousands of vetted internal resources
- Enhanced strategic guidance, as salespeople and bankers leverage AI to surface best practices and precedents across sectors and geographies
“AskGPS is a bold leap forward in how we harness GenAI across the enterprise,” said Jarrett Bruhn, head of Data & AI for GPS at Bank of America. “By turning static content into dynamic intelligence, we’re not just improving access we’re transforming how our teams learn, respond and lead with insight.”
The larger AI story
AskGPS complements existing AI solutions provided by Bank of America’s GPS team. They include:
- CashPro® Chat with Erica technology. The virtual assistant is used by 65% of business clients for real-time account and transaction support.
- CashPro Forecasting that uses predictive analytics to forecast cash positions.
- Intelligent Receivables that uses AI and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels.
Financial Technology Insights: Maximor Raises $9 Million Dollars for AI in Finance
Bank of America continues to deploy AI across four key domains: intelligent agents, search and summarization, content generation, and operations and coding. These tools are designed to automate routine tasks and empower employees to focus on creativity, conversation, and complex client needs.
To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com
Source : prnewswire