As technology continues to reshape the banking industry, Bank of America has introduced a new AI-powered tool, Ask Global Payments Solutions (AskGPS), to improve how its Global Payments Solutions team serves clients. This initiative is part of a larger trend of integrating AI in banking, aimed at increasing efficiency and personalization. AskGPS is designed to enable employees to answer customer inquiries rapidly by drawing from an extensive repository of internal documents. This technology is set to alter the dynamics of client interactions and operational efficiency in the financial sector.
In previous efforts to deepen customer engagement, banks have been enhancing personalization strategies with AI technologies. These strategies identified that approximately 72% of customers feel that personalization affects their banking choices, as noted in the recent Embedded Finance Tracker® Series report. AskGPS is building on this insight by specifically addressing the need for more immediate and tailored client responses. Before such AI implementations, banks primarily relied on traditional methods such as call centers, which could delay the provision of personalized services.
How does AskGPS revolutionize client service?
AskGPS, announced on September 30, provides employees with the capability to address both simple and complex inquiries within seconds rather than hours. Created in-house by Bank of America, the tool utilizes a database with over 3,200 internal documents including product guides and FAQs. This resource is expected to save thousands of work hours annually. Mark Monaco, head of Global Payments Solutions at Bank of America, stated,
“AskGPS turns institutional knowledge into real-time intelligence… helping our teams respond faster.”
Why is AI integration crucial for banking operations?
AI’s capacity to transform static data into dynamic intelligence is changing banking operations fundamentally. Jarrett Bruhn, head of data and AI for GPS at Bank of America, highlighted that
“By turning static content into dynamic intelligence, we’re not just improving access… we’re transforming how our teams learn, respond and lead with insight.”
This transition demonstrates how AI can enhance responsiveness and strategic decision-making in banking services.
Aside from internal efficiency gains, the AskGPS tool also positions Bank of America to deliver faster and more customized solutions to its clients. The banking industry increasingly views conversation as a pivotal asset, crucial for unlocking deeper client engagement and business opportunities. Faster response times and access to a bank’s entire knowledge base gives Bank of America a competitive edge in client services.
The banking sector is no stranger to adopting AI strategies to improve customer service. Previous AI tools focused on simple query resolution, whereas AskGPS aims to streamline complex and high-value inquiry processing. This shift represents not only operational improvement but also a strategic pivot toward intelligent assistance in financial transactions.
As artificial intelligence continues to develop, banks like Bank of America are positioning themselves to better meet customer expectations through rapid and insightful service. This drive towards AI-aided customer service indicates a broader industry inclination toward technological solutions that enhance banking experiences.
By embracing AI technologies such as AskGPS, financial institutions can reduce transactional friction, improve the efficiency of their services, and meet the rising demand for personalized client interactions. The enhanced collaboration between AI technology and banking professionals allows for a nuanced understanding of client needs, potentially increasing customer satisfaction and retention.
