Bank of America Revolutionizes Services with AI-Powered Tools
Bank of America (BofA) is transforming its services with artificial intelligence, particularly generative AI (GenAI). The bank has introduced AskGPS, an in-house AI assistant, and Capital Markets Insights, an AI-driven platform for C-suite and treasury teams. These innovations aim to enhance client experience and streamline operations.
AskGPS, launched by BofA's Global Payments Solutions department, is designed to save tens of thousands of employee hours annually. It provides real-time answers to complex client queries, previously handled by multiple specialists and taking up to an hour. The AI assistant aggregates market information automatically, replacing the need for disparate emails, phone calls, and third-party channels. Mark Monaco, head of Global Payments Solutions, describes AskGPS as 'more than a search tool-it's a strategic engine'.
Bank of America's integration of AI, particularly with AskGPS and Capital Markets Insights, is expected to revolutionize its services. These tools promise faster turnaround, tailored solutions, and enhanced decision-making for both clients and the bank itself. As AI continues to evolve, BofA's strategic use of these technologies positions it at the forefront of digital innovation in the banking sector.
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