BofA Launches CashPro® Insights - Latest Digital Innovation for Treasury Management
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The introduction of CashPro Insights by Bank of America represents a significant enhancement to the bank's digital banking platform, CashPro. This tool is designed to harness the vast amounts of transactional data generated by client payments, which have seen an 8% increase year-over-year, indicating a growing volume of financial activity that businesses must manage. By offering industry benchmarks, deposit balance notifications and dynamic graphical data representations, CashPro Insights aims to provide corporate and commercial clients with actionable insights that could lead to improved treasury decisions and operational efficiencies.
From a financial perspective, this tool could potentially lead to cost savings and improved payment efficiency for clients, which in turn may enhance client satisfaction and retention for Bank of America. The ability to assess payment efficiency and optimize supplier payments through strategic cross-border payment flows and account fraud protection is particularly valuable in today's globalized economy. As clients become more data-driven, the demand for such analytical tools is likely to increase, potentially providing Bank of America with a competitive edge in the market for treasury and transaction services.
The release of CashPro Insights could have a notable impact on the financial services industry, particularly within the realm of digital banking solutions. By integrating advanced data analysis capabilities into their existing platform, Bank of America is not only catering to the increasing demand for data-driven decision-making tools but also setting new standards for treasury and cash management services. This development may prompt other financial institutions to follow suit, potentially leading to a surge in innovation and an elevated baseline for digital banking services.
Furthermore, the emphasis on user-friendly features such as the 'security meter' and 'CashPro Click to Action' commands underscores the importance of user experience in the adoption of new technologies. These features are likely to resonate with clients who are seeking both security and convenience, which could influence market dynamics by shifting customer expectations towards more integrated and intelligent banking platforms.
The integration of the Security Insight feature within CashPro Insights underscores the growing importance of cybersecurity in the financial services sector. As cyber threats continue to evolve, the need for robust security controls becomes increasingly critical. This tool not only assesses the security posture of a user's operations but also provides actionable recommendations to enhance their security controls. By enabling users to directly implement these recommendations through the platform, Bank of America is taking proactive steps to mitigate risks associated with cyber threats.
The ability to measure and improve upon account fraud protection is a significant value proposition that can lead to stronger trust and confidence among clients. In the long term, this focus on cybersecurity can contribute to the overall resilience of the financial ecosystem, as well as protect the bank's reputation and reduce potential financial losses due to fraud or data breaches.
New Data-Driven Tool Empowers Corporate and Commercial Clients to Make Strategic Decisions, Drive Cost Savings and Efficiencies
CashPro is Bank of America's digital banking platform accessed by more than 40,000 corporate and commercial clients around the world to manage their treasury, trade and credit operations and perform self-service requests. CashPro Insights is the latest development of the CashPro Data Intelligence product suite, complementing CashPro Forecasting and CashPro Search.
The CashPro platform facilitated 340 million client payments in 2023 – an
"In treasury and cash management, data continues to be an untapped resource that has the potential to reveal trends, weaknesses or opportunities. This potential can only be realized when data is thoughtfully organized and analyzed, which is the key objective of CashPro Insights," said Jennifer Sanctis, head of the CashPro App and Personalized Technologies, Global Transaction Services (GTS), Bank of America.
One of the first features of CashPro Insights, which is available through the CashPro App, is the Security Insight. Displayed as a 'security meter', the tool assesses and then makes recommendations on how a user can improve their security controls. Users will be able to complete a recommended task directly within the platform by simply clicking the "CashPro Click to Action" commands.
"The amount of data we can now tap into using CashPro Insights is jaw-dropping," said Angela Brown, Assistant Treasurer, Continental. "We had been creating these KPIs internally and it took us many steps to get to these same valuable data points. Now they are right at our fingertips."
"CashPro Insights together with other tools in the CashPro Data Intelligence suite are game changers for our clients. They are powerful, predictive tools that can help companies stay competitive and reach their strategic goals," shared Jay Davenport, global co-head of Corporate Sales in GTS at Bank of America.
CashPro Insights breaks down a client's data into digestible segments, delivering learnings that enable users to respond faster to events and make proactive business decisions. The tool provides:
- Industry benchmarks that compare a company's working capital and payment efficiency to peers in the industry.
- Deposit balance notifications that alert the user when a balance is forecasted to fall above or below a predetermined threshold.
- Dynamic graphical representations of data that help clients better visualize their operations and where they need to take action.
- Measurements to help assess payment efficiency, supplier payment optimization, strategic cross border payment flows and account fraud protection.
Bank of America will continue to expand CashPro Insights to other banking services, such as CashPro Receivables and Merchant Services.
Backed by a team of innovators, Bank of America is a leader in treasury and transaction services. Over the last two years, the company has introduced several digital innovations including CashPro Chat, CashPro Supply Chain Solutions, CashPro Forecasting, and CashPro QR Sign-In. Learn more about the bank's Global Transaction Services capabilities.
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
Bank of America makes no warranty, representation or guarantee regarding the suitability of CashPro Insights for any particular purpose, nor does Bank of America assume any liability arising out of the use or application of CashPro Insights.
Reporters may contact:
Andy Aldridge, Bank of America
Phone: 1-980-387-0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation
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