Bank of America Launches GenAI Assistant Tool

Bank of America has introduced a generative AI-powered assistant designed to transform how its Global Payments Solution (GPS) team supports more than 40,000 business clients worldwide.

The Ask Global Payments Solution, known as AskGPS, was developed in-house and trained on over 3,200 internal documents and presentations, including product guides, term sheets, and FAQs.

The tool is designed to cut down on manual work, potentially saving tens of thousands of hours each year. With AskGPS, employees can now ask anything from simple to complex client questions and receive answers within seconds.

Whereas, previously, this process could take up to an hour and require multiple calls to product specialists across different regions and time zones.

However, AskGPS is designed to benefit more than just employees. It also aims to deliver direct advantages to clients as it enables faster responses to product and onboarding queries, and provides more tailored solutions based on verified internal resources. It also helps sales teams and bankers access relevant best practices and precedents across sectors and regions.

Mark Monaco, head of GPS at Bank of America, said:  “AskGPS turns institutional knowledge into real-time intelligence. It’s more than a search tool — it’s a strategic engine, helping our teams respond faster and deliver the kind of clarity and advice clients expect in today’s environment.”

The launch of AskGPS strengthens Bank of America’s strategy to implement AI solutions to support the GPS team, including CashPro Chat with Erica for real-time account support, CashPro Forecasting for predictive cash flow analytics, and Intelligent Receivables, which uses AI to match payments with remittance details across channels.