In an era where speed and precision define the success of financial services, a major player in the industry has taken a bold step forward with cutting-edge technology to revolutionize the sector. Bank of America has introduced a groundbreaking generative AI tool designed to overhaul its approach to global payment solutions. Named “Ask Global Payments Solutions” (AskGPS), this in-house developed assistant is set to redefine service delivery for over 40,000 business clients worldwide. By tapping into a comprehensive database of more than 3,200 internal documents, including product guides and FAQs, AskGPS delivers rapid, accurate responses to a wide range of client inquiries. This innovation is not just about answering questions; it aims to transform static institutional knowledge into dynamic, real-time intelligence. The result is a significant enhancement in efficiency and advisory capabilities for the bank’s Global Payments Solutions (GPS) team, setting a new standard for client interaction and operational excellence in the fintech landscape.
Revolutionizing Efficiency and Client Service
The impact of AskGPS on operational efficiency cannot be overstated, as it addresses long-standing challenges in handling complex client queries. In the past, resolving sophisticated requests could take up to an hour, often involving coordination across multiple regions and time zones. With the integration of this AI tool, employees can now access answers almost instantly, projecting savings of tens of thousands of hours annually. This newfound speed translates directly into benefits for clients, who receive faster responses to product and onboarding inquiries, along with more tailored solutions derived from vetted internal resources. Furthermore, the tool empowers staff to provide strategic guidance by accessing best practices and industry precedents in real time. Beyond AskGPS, Bank of America’s commitment to AI is evident in complementary tools like CashPro® Chat with Erica® technology, used by a significant portion of business clients, and solutions for predictive analytics and payment consolidation. This holistic approach underscores a strategic vision to automate routine tasks, freeing up talent for creative problem-solving and deeper client engagement, ultimately redefining the future of financial services.
