BofA's New GenAI Assistant Transforms Global Payments Solutions

Rhea-AI Summary

Bank of America (NYSE:BAC) has launched AskGPS (Ask Global Payments Solutions), a new generative AI assistant designed to transform how its GPS team serves over 40,000 business clients globally. The in-house built system is trained on more than 3,200 internal documents and can provide instant answers to complex client queries, potentially saving tens of thousands of employee hours annually.

The AI assistant complements BofA's existing AI solutions, including CashPro Chat with Erica (used by 65% of business clients), CashPro Forecasting, and Intelligent Receivables. The bank continues to deploy AI across four key domains: intelligent agents, search and summarization, content generation, and operations and coding.

Positive

• Implementation expected to save tens of thousands of employee hours annually
• AI assistant trained on over 3,200 internal documents for comprehensive knowledge base
• 65% of business clients already using CashPro Chat with Erica technology
• System provides instant responses to queries that previously took up to an hour
• Enhances service delivery to over 40,000 business clients worldwide

Negative

• None.

News Market Reaction – BAC

-1.58%

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-1.58% News Effect

On the day this news was published, BAC declined 1.58%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

"AskGPS" Expected to Save Tens of Thousands of Employee Hours Annually While Enhancing Advisory Services

NEW YORK, LONDON, and SINGAPORE, Sept. 30, 2025 /PRNewswire/ -- Bank of America is using generative AI to transform how its Global Payments Solutions ("GPS") team serves the company's more than 40,000 business clients worldwide. The newly launched Ask Global Payments Solutions ("AskGPS") was built in-house and trained on over 3,200 internal documents and presentations - including product guides, term sheets, and FAQs. Through AskGPS, employees can now pose simple to complex client questions and receive answers within seconds.

"AskGPS turns institutional knowledge into real-time intelligence," said Mark Monaco, head of GPS at Bank of America. "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."

Previously, a sophisticated inquiry could take an employee an hour to complete and involve making phone calls to product specialists across different regions and time zones. Now, using AskGPS, employees can achieve the same result almost instantly, creating the potential to save tens of thousands of hours annually.

The AI assistant directly benefits Bank of America clients through:

• Faster turnaround on product and onboarding inquiries
• More tailored solutions, grounded in thousands of vetted internal resources
• Enhanced strategic guidance, as salespeople and bankers leverage AI to surface best practices and precedents across sectors and geographies

"AskGPS is a bold leap forward in how we harness GenAI across the enterprise," said Jarrett Bruhn, head of Data & AI for GPS at Bank of America. "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."

The larger AI story

AskGPS complements existing AI solutions provided by Bank of America's GPS team. They include:

• CashPro® Chat with Erica® technology. The virtual assistant is used by 65% of business clients for real-time account and transaction support.
• CashPro Forecasting that uses predictive analytics to forecast cash positions.
• Intelligent Receivables that uses AI and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels.

Bank of America continues to deploy AI across four key domains: intelligent agents, search and summarization, content generation, and operations and coding. These tools are designed to automate routine tasks and empower employees to focus on creativity, conversation, and complex client needs.

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 the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 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).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is Bank of America's new AskGPS AI assistant and how does it work?

AskGPS is a generative AI assistant built in-house by Bank of America, trained on over 3,200 internal documents to provide instant answers to client queries. It processes product guides, term sheets, and FAQs to deliver real-time intelligence to GPS team members.

How many business clients will benefit from BAC's new AI assistant?

The new AskGPS system will serve more than 40,000 business clients worldwide through Bank of America's Global Payments Solutions team.

What efficiency gains does Bank of America expect from AskGPS?

Bank of America expects to save tens of thousands of employee hours annually. Tasks that previously took up to an hour and required multiple calls across time zones can now be completed almost instantly.

What other AI solutions does Bank of America currently offer?

Bank of America offers CashPro Chat with Erica (used by 65% of business clients), CashPro Forecasting for cash position predictions, and Intelligent Receivables for payment information processing.

How will AskGPS benefit Bank of America's business clients?

AskGPS will provide faster turnaround on product inquiries, more tailored solutions based on vetted internal resources, and enhanced strategic guidance through AI-powered best practices across sectors.