BofA Leverages GenAI To Improve Providers

New options let workers to concentrate on creativity, dialog, and addressing complicated consumer wants.

Financial institution of America (BofA) revealed this week important ways in which synthetic intelligence is enhancing its providers for purchasers and workers alike by the strategic deployment of generative AI (GenAI), demonstrating a leap ahead in how the establishment harnesses AI. Two current initiatives, the CashPro App’s AskGPS and Capital Markets Insights, spotlight its dedication.

AskGPS, an in-house GenAI assistant, is remodeling how BofA’s World Funds Options (GPS) crew serves its greater than 40,000 enterprise purchasers worldwide. Skilled on greater than 3,200 inner paperwork, AskGPS lets workers shortly obtain solutions to complicated consumer questions, a course of that beforehand might take an hour and contain a number of specialists. This real-time intelligence is anticipated to avoid wasting tens of hundreds of worker hours yearly, enabling sooner turnaround on product inquiries, extra tailor-made options, and enhanced strategic steering for purchasers. Mark Monaco, head of GPS, notes that AskGPS is “greater than a search software—it’s a strategic engine, serving to our groups reply sooner and ship the form of readability and recommendation purchasers anticipate.”

Complementing this, the financial institution has additionally unveiled AI-driven Capital Markets Insights. The brand new function supplies C-suite and treasury groups with a centralized, cellular view of market and issuance knowledge for Funding Grade Capital Markets. It consists of the proprietary AI-driven Commerce Analysis Driver, which affords an goal rating to quantify the macro backdrop for debt issuance selections.

Beforehand, gathering this data required disparate emails, cellphone calls, and third-party channels. Now, knowledge is mechanically aggregated and offered on demand, letting purchasers act extra shortly and effectively based mostly on related market data. Tom Durkin, international product head of CashPro, emphasizes that this deepens the app’s capacity to “improve and simplify our investment-grade purchasers’ determination making.”

These improvements are a part of BofA’s broader technique to deploy AI throughout clever brokers, search and summarization, content material era, and operations and coding. By automating routine duties, the financial institution empowers workers to concentrate on creativity, dialog, and addressing complicated consumer wants, finally delivering higher service and strategic insights to its numerous consumer base.