Bank of America Merrill Lynch has launched CashPro Assistant which uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients easily access and analyse their banking information.
According to the bank CashPro Assistant delivers a differentiated experience for all CashPro clients.
Central to the experience is CashPro Assistant Analytics and Forecasting, enabling clients to use BofA Merrill application programming interfaces (APIs) to integrate directly with Microsoft Excel to populate account data on demand from CashPro Online into configurable spreadsheets.
The introduction of Analytics and Forecasting is one of multiple steps BofA Merrill is taking to expand the delivery of products using API technology. Additional tools in CashPro Assistant include transaction research, automated alerts, educational content, live chat and help by phone.
“Companies are looking to their banks to not just execute financial transactions, but to provide information they can use in a hands-on fashion to inform their decision-making,” said Hubert JP Jolly, head of financing and channels for Global Transaction Services at BofA Merrill.
“We’re launching CashPro Assistant in recognition that the services we’ve created can be valuable to all our clients without the need to pick and choose among them. Our aim is to make it as easy as possible for clients to do business.”
Jolly added that the bank is focused on finding additional ways to more closely integrate with its clients, moving beyond assistance to advisory capabilities.
“Our clients manage an increasingly complex ecosystem,” Jolly said. “Treasurers are challenged with maintaining oversight and managing daily operations using fragmented tools, leaving them with less time to focus on capital allocation and oversight. We view this as an opportunity to help them gain efficiencies, enhance governance and control, and drive strategic growth.”