Software
Bank of America boosts CashPro AI chatbot, intros supply chain service
September 19, 2023
Bank of America improved its chatbot CashPro Chat with propriety AI and machine learning that is also used with its virtual financial assistant Erica. Business clients can now use this virtual assistant to view transactions, find information and other functions, according to a press release.
"CashPro Chat has become one of the most heavily used service functions on our banking platform thanks to the efficiency it creates for our clients," Sue Caras, head of global commercial banking for GTS at Bank of America, said in the release. "Through the integration of Erica, our virtual service advisor will become smarter and more sophisticated the more our clients use it."
The virtual advisor will route more complex requests to service teams to resolve.
CashPro Chat is part of the larger CashPro solution, which offers search services to allow clients to find one specific transaction from hundreds of bank accounts.
The bank also introduced its supply chain solutions, which will provide services such as open account automation for invoice approval and payment to speed up the process from days or weeks to a few minutes, according to another press release.
"Trade finance is still a paper heavy industry despite advances in technology, due in large part to the dependency on traditional manual processes," Geoff Brady, head of global trade and supply chain finance in global transaction services at Bank of America, said in the release. "Eliminating that dependency was central to the design of CashPro Supply Chain Solutions, through which we're introducing digitization on behalf of network participants."
"Bank of America's ability to innovate owes much to the company's internal collaboration where best practices and cutting-edge technology can be leveraged across business lines," Patricia Hines, head of banking and payments at Celent, a research and advisory firm, said in the release. "The Erica technology distinguishes the CashPro platform from its peers, giving the bank's clients a best-in-class experience offered by a financial assistant."
