Bank of America’s AI strategies aimed at enriching banking experience

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Bank of America has invested in various innovation and technological development initiatives focusing on deployment of Artificial Intelligence (AI) in its business operations. Bank’s AI strategy aims to improve profitability across its various customer segments, from basic account holders to top-tier corporate clients through the AI technological integration. In addition, the technological changes will also benefit the bank by improving its operational efficiency through reduced expenses. These innovation and developmental initiatives will, thus, be a major driving factor for the banks growth and profitability in the future.

Erica to drive BofA’s sales growth with increased customer base

Bank of America took a step forward in the digitalization of its services through the introduction of an intelligent virtual chatbot assistant Erica. Erica is an innovative effort by the bank to provide personalized service and financial advice to its entire customer base of over 45 million. In-built in the bank’s mobile application, the customers can directly chat with Erica through text or voice messaging for services like checking balances, making payments, advice on saving money and cutting down on debts. The digital assistant will also direct customers to educational content on managing their finance.

The continuous growth in the mobile banking active users confirms the success of the bank’s rationale behind development of Erica. According to BofA’s third quarter financial results of 2017, the number of mobile banking active users indicated year-over-year (YOY) increase of 11% reaching 23.6 million by the end of the third quarter. Undoubtedly the rapidly growing numbers will ensure that Erica enhances the banking experience of more customers leading to more profitability for the bank.  Erica is also expected to improve the operational efficiency of the bank by expanding its reach of personalized banking experience and marketing of its financial products.

AI based Intelligent Receivables solution to drive revenues from corporate clients

Bank of America has expanded application of AI technology in its services portfolio with the introduction of Intelligent Receivables solution.  Strategically developed to abet large companies on improving their straight-through reconciliation (STR) of inbound payments, Intelligent Receivables will enable the companies’ make faster posting of receivables. The companies will be able to improve their management of complex payment positions such as missing remittance information or separate receipt of payment. Intelligent Receivables would enable the management of payments by extracting data related to remittances from payer web portals, electronic data interchange, e-mails and e-mail attachments. Intelligent Receivables would also help the companies in reducing day-sales-outstanding (DSO) and costs, enhance the customer experience and making effective cash forecasting.

After developing Erica for user masses, Bank of America is now leveraging AI to target the high value corporate clients with this account receivables offering. This new technological initiative is expected to boost BofA’s profitability and market share in the industry.

CashPro Assistant to increase its BOA’s market share

With this initiative, the bank has tapped the opportunity created through the demand from corporates for enhanced quality -oriented services from their banks to provide superior customer experience. Through CashPro Assistant, BofA is not only positioned itself as a strong player in the banking and financial services industry but also ensured better profits.

CashPro Assistant integrates the bank’s application programming interfaces (API) with AI technology to provide access and analysis of account data. Aimed at meeting the expectancies of the corporate and commercial clients to provide services much beyond just execution of financial transactions, this solution is providing analytical data for informed decision-making.  CashPro Assistant strategically addresses this concern of its clients and also expands its product delivery utilizing API technology. The tool integrates API with Microsoft Excel for clients to directly populate financial data into configurable spread sheets from CashPro online.

To know more and get deeper understanding of AI in banking industry, click here.