BofA Expands AI Patent Holdings by 94%, Pioneers Financial Advances

Corporate and Wealth Management Solutions

Within the realm of corporate banking, the CashPro platform is designed to cater to 40,000 corporate and institutional clients. This treasury management system leverages artificial intelligence for monitoring transactions and managing accounts. The CashPro Chat feature utilizes the same AI and machine learning technologies as Erica, enabling clients to easily access transaction data and account information.

Since its debut last year, the capabilities of CashPro Chat have expanded significantly; the number of inquiries it can handle has doubled, and an AI-driven function now directs clients to specialists when necessary.

Additionally, the bank’s Global Markets division has deployed machine learning chatbots across 20 different trading sectors. These chatbots tap into proprietary databases to deliver real-time information on market conditions, trading volumes, and exposure metrics.

This intelligent system bridges the bank’s resources to answer trading-related queries, including market depth, trend indicators, and current exposure levels.

For corporate clients, the Intelligent Receivables platform employs AI and optical character recognition technologies to streamline payment reconciliation across various channels. It automates the process of matching payments to invoices, learning from payment trends to enhance accuracy over time and reduce costs linked to manual processing.

In 2020, Merrill Wealth Management and the Bank of America Private Bank introduced Client Insights, which utilizes AI-driven data analytics to detect changes in client circumstances. Since its implementation, this system has provided advisors with 30 million insights, spotlighting opportunities in areas such as tax optimization, retirement planning, and student financial needs.

“We continuously innovate to address and anticipate our clients’ needs. As the speed of our innovation increases, we remain committed to listening to our clients and developing solutions that enhance and simplify their experiences,” states Aditya Bhasin, Chief Technology & Information Officer at Bank of America.