Enhancements to BofA’s CashPro® Chat Create Greater Efficiencies for Business Clients
September 18, 2023 at 9:00 AM Eastern
NEW YORK, NY – 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.
CashPro video chat with Tom Durkin
Tom Durkin on camera:
Hey Erica, what’s my account balance?
I’m Tom Durkin, Global Product head of CashPro at Bank of America.
I was just speaking to Erica, the virtual financial assistant used by Bank of America’s Consumer clients.
Today, I’m excited to share that the same technology behind Erica is now available to our corporate and
commercial clients via CashPro Chat.
CashPro Chat is the digital assistant to our more than 40,000 clients around the world who use the
CashPro platform to manage their treasury operations.
CashPro Chat is available 24/7 and is there to help clients navigate the platform and to provide
immediate answers to commonly asked questions.
Such questions include:
What are the payment cutoff times?
How do I modify a payment after it’s been submitted?
How do I make a foreign exchange payment to a supplier in Sao Paulo?
How do I set up and manage alerts?
If clients have more complex needs, CashPro Chat will connect them to a live advisor.
The integration of Erica means that the virtual assistant to our business clients will become smarter and
more sophisticated the more they use it.
And, we will continue to invest in our platform by delivering data-based solutions and personalized
experiences directly to our clients, helping them become even more efficient.
The next time our clients have a service need, we want them to tap into the power of CashPro
Chat...that’s now smarter with Erica technology.
“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.”
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).
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
September 18, 2023 at 9:00 AM Eastern
Enhancements to BofA’s CashPro® Chat Create Greater Efficiencies for Business Clients
NEW YORK, NY – 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.
CashPro video chat with Tom Durkin
Tom Durkin on camera:
Hey Erica, what’s my account balance?
I’m Tom Durkin, Global Product head of CashPro at Bank of America.
I was just speaking to Erica, the virtual financial assistant used by Bank of America’s Consumer clients.
Today, I’m excited to share that the same technology behind Erica is now available to our corporate and
commercial clients via CashPro Chat.
CashPro Chat is the digital assistant to our more than 40,000 clients around the world who use the
CashPro platform to manage their treasury operations.
CashPro Chat is available 24/7 and is there to help clients navigate the platform and to provide
immediate answers to commonly asked questions.
Such questions include:
What are the payment cutoff times?
How do I modify a payment after it’s been submitted?
How do I make a foreign exchange payment to a supplier in Sao Paulo?
How do I set up and manage alerts?
If clients have more complex needs, CashPro Chat will connect them to a live advisor.
The integration of Erica means that the virtual assistant to our business clients will become smarter and
more sophisticated the more they use it.
And, we will continue to invest in our platform by delivering data-based solutions and personalized
experiences directly to our clients, helping them become even more efficient.
The next time our clients have a service need, we want them to tap into the power of CashPro
Chat...that’s now smarter with Erica technology.
“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.”
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).
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
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