- Important insight: Bank of America has added Gen AI to help staff of business banking.
- What’s at stake: Improvements in time and personalized service.
- Look forward: Citigroup and Temenos have added both AI tools this week.
The artificial intelligence race under banks collected speed at the beginning of this week with various movements, including a new platform from Bank of America.
Bank of America launched “Askglobal Payments Solutions (or AskGPS)” on Tuesday, a generative AI program designed for the bank’s transaction bank unit that serves more than 40,000 business customers. “Our approach is:” How do we answer these questions that would otherwise require deep internal research or A phone call with a product expert? “Jarrett Bruhn, director and worldwide head of data and artificial intelligence for GPS at Bank of America, said the American Banker.
The deployment is high for banks in embracing new forms of artificial intelligence, with most industry devoting parts of their budgets to technology. Eighty percent of American banks raised their AI expenditure in 2025, according to
Bofa’s update
Askgps, which was built internally at BOFA, uses Gen AI to pour more than 3,200 internal documents and presentations, including product guides, terms and frequently asked questions. The employees of the Bank Input The customer questions and receive answers within a few seconds, based on Gen AI and this series of documents.
Before Gen AI, the prevailing technology used to manage customer queries are the correct BOFA internal documents, but according to Bruhn it has not necessarily delivered answers, adding the bank has thousands of documents in the library. Gen AI can use these documents to produce analyzes for customers.
“When we saw (gene ai) coming out, we realized that it is not just about adding speed to get an answer,” said Bruhn, adding the goal is to improve the quality of the advisory services. .
Bofas AskGPS replaces a process in which employees were calling to product specialists at different locations and different time zones.
Read more about artificial intelligence.
The bank foresees that ASKGPS can improve the passage for product and onboarding questions, can offer more tailor -made solutions and is based on thousands of translated internal sources; and improved strategic guidelines.
“An industrial company can ask about working capital and ‘AskGPS’ will frame that as a strategy to improve the cash flow,” said Bruhn. “Instead of a person who spends time building an e -mail reaction to that question, you get a quick answer to which strategy matters and why.”
Bank of America divides its AI strategy over four domains: AI agents, web search trips and summary, generating content and edits and coding. Other recent implementations include Cashpro -Chat, a virtual assistant designed for external use – 65% of the bank customers have used the technology; Cash proforecasting, which uses predictive analysis to predict cass positions; and Intelligence claims that use AI and data recording to compile payment information and transfer data.
In a research memorandum on Bank of America, Allen Tischler, senior vice president of Moody’s ratings said that “business diversification of Bank of America is clear” and compensates for lower investment bank costs. But Tischler also noted that AI investments increase the costs/income ratio of the bank, which was 65% at the end of June, an increase of 64% the previous year.
In another research memorandum, Truist Financial Analyst John McDonald, who covers Bank of America, said that the bank’s financial performance has been strong, but he added that some shares of artificial information have a higher growth potential with lower risks, which indicates benefits for investing new AI technology.
Busy week before AI
Bofa has released his AI update as
At Temenos, who has around 1,700 bank customers, the new platform will contain AI-supported payment processing, fraud detection and copilots, are sold as a way to minimize manual intervention and the straight processing. Temenos will combine the new AI platform with its recently launched FCM AI agent, a strategy to expand agent AI use at banks.
“With the rapid rise of immediate payments and the growing influence of AI on financial services, institutions are actively looking for solutions that are both united and intelligent to manage the increasing complexity, compliance requirements and customer expectations,” said Barb Morgan, Chief Product and Technology Officer at Temenos, in a release. Business comfort with AI is increasing, which may create a market for implementations guided by bank.
Eight fifty percent of the companies now use generative and agentic AI for prediction, workflow automation and supplier onboarding, a movement that has tripled the visibility of the cash flow since 2023 and has made 66% larger savings, according to Visa Research on AI that was released on Monday. Visa investigated 1,457 CFOs and treasurers in 23 countries and 10 industrial segments at companies with an annual income between $ 50 million and $ 1 billion.
