Financial institution of America builds GenAI assistant for fast solutions for patrons
Financial institution of America expects to avoid wasting tens of 1000’s of worker hours by way of a generative synthetic intelligence (GenAI) assistant in its International Funds Options (GPS) division.
The assistant, generally known as AskGPS, was constructed by an in-house group and the corporate described its introduction as a “daring leap ahead” in the way it applies GenAI to its enterprise.
AskGPS supplies providers to greater than 40,000 companies and governments the world over, and it’ll help the financial institution’s employees in offering solutions and recommendation. Throughout growth, it was educated on greater than 3,200 inner paperwork and displays, together with product guides, time period sheets and ceaselessly requested questions.
“AskGPS turns institutional information into real-time intelligence,” stated Mark Monaco, head of GPS at Financial institution of America, including that it goes past search device performance. “It’s a strategic engine, serving to our groups reply quicker and ship the form of readability and recommendation shoppers count on in right this moment’s atmosphere.”
The financial institution stated a “subtle inquiry” would beforehand contain an worker making telephone calls to product specialists throughout totally different areas and time zones, taking an worker an hour to finish. However the identical result’s now nearly instantaneous – staff pose shopper questions and can obtain solutions inside seconds, stated the financial institution.
Greater than pace
In addition to enhancing the pace that the financial institution responds to buyer queries, AI permits it to supply extra personalised providers for patrons and to enhance recommendation by way of human brokers utilizing AI to entry info.
Jarrett Bruhn, GPS division head of information and AI at Financial institution of America, stated: “AskGPS is a daring leap ahead in how we harness GenAI throughout the enterprise. By turning static content material into dynamic intelligence, we’re not simply enhancing entry, we’re remodeling how our groups study, reply and lead with perception.”
Financial institution of America has 69 million client and small enterprise prospects within the US. It acknowledged that it’s utilizing AI in 4 fundamental areas: clever brokers, search and summarisation, content material era, and operations and coding.
Within the UK, the variety of banks reporting productiveness good points from AI has doubled as initiatives transfer from pilots to manufacturing. In keeping with Lloyds Banking Group’s newest Monetary establishments sentiment survey, 59% of surveyed companies reported AI-driven productiveness good points previously 12 months, in contrast with 32% within the 2024 survey.
Banks additionally reported rising returns from AI in different areas. The most recent survey discovered that 21% of respondents imagine AI is straight driving enterprise progress, in contrast with 8% within the survey a 12 months in the past.
In the meantime, a 3rd (33%) of respondents stated AI is enhancing buyer experiences, up from 14% within the earlier survey. The identical quantity stated they’ve deeper buyer insights by way of AI, in contrast with 18% in 2024’s survey.
Digital challenger Zopa Financial institution additionally lately launched survey findings that again the claims of productiveness good points. Its survey, carried out with Juniper Analysis, revealed that UK banks may save £1.8bn over the subsequent 5 years because of investing the identical quantity in AI, with giant good points to comply with. It discovered that 187 million hours can be saved, primarily because of back-office efficiencies.
