Bank of America Unveils AI-Powered AskGPS for Business Clients
Bank of America (BofA) is streamlining its services for business clients with artificial intelligence, specifically generative AI (GenAI). The bank's Global Payments Solutions (GPS) team has introduced AskGPS, an in-house GenAI assistant, to serve its 40,000 clients worldwide. This move aims to enhance decision-making and provide real-time answers to complex queries.
Previously, gathering market information was a laborious process involving multiple emails, phone calls, and third-party channels. Now, BofA's AI-driven Capital Markets Insights offers a centralized view of market and issuance data for C-suite and treasury teams. This feature, according to Tom Durkin, global product head of CashPro, simplifies investment-grade clients' decision-making processes.
AskGPS, more than just a search tool, is a strategic engine. It provides real-time answers to complex client questions that previously took an hour and required multiple specialists. Mark Monaco, head of GPS, expects AskGPS to save tens of thousands of employee hours annually, enabling faster turnaround and more tailored solutions. The proprietary AI-driven Trade Evaluation Driver offers an objective score for quantifying the macro backdrop for debt issuance decisions.
BofA's broader strategy involves deploying AI across intelligent agents, search and summarization, content generation, and operations and coding to empower employees. By enhancing its services with AI, BofA aims to improve client experience, increase efficiency, and provide more informed decision-making tools for its clients.
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