Integration of Erica® Technology Strengthens Self-Service
Capabilities for Over 40,000 Clients Around the World
NEW
YORK, Sept. 18, 2023 /PRNewswire/ -- Bank of
America is elevating the experience of its business clients through
enhancements to CashPro Chat, a virtual service advisor within the
CashPro banking platform. CashPro is used by more than 40,000
corporate and commercial clients around the world to manage their
treasury operations.
CashPro Chat now includes the same proprietary artificial
intelligence (AI) and machine learning capabilities behind Erica –
the company's popular virtual financial assistant that's been used
by more than 38 million individuals to access account information,
transfer funds, send money to friends and family, and more.
Business clients can now experience the power of this advanced
virtual assistant to quickly view transactions, find information
about their accounts and navigate CashPro functionality. As needed,
the virtual advisor will route more complex requests to specialized
service teams to resolve.
"Finance teams today need access to information quickly, at any
time of day, and from any location. Whatever we can do to eliminate
friction will help them respond better and faster to real-time
events and demands," said Tom Durkin, Global Product Head of
CashPro in Global Transaction Services (GTS) at Bank of America.
"This latest enhancement to CashPro Chat is a great demonstration
of how we're doing just that."
CashPro Chat supplements the CashPro Search feature, launched in
May, that enables clients to easily find a specific transaction
from potentially hundreds of bank accounts. This time-saving
function acts like an online search engine that can locate
information across multiple data sets using keywords.
"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," said Sue
Caras, head of Global Commercial Banking for GTS at Bank of
America. "Through the integration of Erica, our virtual service
advisor will become smarter and more sophisticated the more our
clients use it."
"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,"
said Patricia Hines, Head of Banking
and Payments at Celent, a leading research and advisory firm
focused on technology for financial institutions globally. "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."
CashPro: Innovation and Momentum Highlights
A platform of innovation
- CashPro is the banking platform that 40,000 Bank of America
clients use to manage and monitor their payments, deposits, loans
and trade finance transactions. CashPro offers a premium user
experience that is delivered through multiple technology patents
centered on digital innovation. The platform currently has 25
granted patents with more pending.
CashPro Chat enabled by Bank of America's Erica
- Since launch, chat volume increased by 41% compared to the 2023
weekly average. Meanwhile, chats with a live agent decreased by
16%.
CashPro Forecasting
- In January 2022, Bank of America
launched a cash-forecasting solution that uses machine learning
technology. The solution has seen rapid adoption. From first half
2022 to first half 2023, new client enrollments have soared 141%;
the number of active users has increased by 105%, and total
sign-ins amongst those users have increased by 375%.
Coming soon to CashPro
- Launch of CashPro Supply Chain Solutions, a platform that
will offer participants in a supply chain the benefits of
digitization with improved process efficiency and working capital
optimization.
- Launch of CashPro Insights, the latest tool within the
CashPro Data Intelligence product suite, will analyze information
that flows through CashPro and present data-driven insights to
users. The first functionality clients will see is a Security Meter
that measures the robustness of a user's security controls. Future
insights will focus on transaction activity and proactive
suggestions to optimize operational efficiency.
- Further enhancements to CashPro Forecasting and more
robust functionality added to CashPro Search,
including the ability to initiate and track
investigations.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 68 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately
15,000 ATMs (automated teller machines) and award-winning
digital banking with approximately 57 million verified digital
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom and register for news email alerts.
Reporters may contact:
Louise Hennessy, Bank of
America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
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SOURCE Bank of America Corporation