Bank of America Harnesses Generative AI with AskGPS
As the financial sector continues to embrace the capabilities of generative AI to streamline processes, Bank of America stands out for its commitment to innovation and technology investments. The firm recently introduced AskGPS, a generative AI-powered knowledge management assistant for its Global Payments Solutions division.
AskGPS is designed to provide tailored answers to the division’s vast clientele by leveraging a dataset of 3,200 internal documents ranging from product guides to FAQs. This cutting-edge tool marks a significant advancement from traditional library searches, offering real-time solutions to complex queries in multiple languages.
According to Jarrett Bruhn, head of data and AI for GPS at Bank of America, AskGPS has revolutionized the onboarding process for new hires and serves as a valuable resource for accessing product knowledge and acronyms during meetings.
The Evolution of AI in Banking
The financial industry has been a frontrunner in adopting generative AI applications due to its robust data governance and risk management structures. Bank of America’s strategic investments in AI research have propelled its industry standing, with a focus on scalable and secure tools that benefit various lines of business.
Evident Insights’ annual banking AI index recognized Bank of America’s ascent in the AI landscape, attributing it to the firm’s extensive patent portfolio and commitment to technological innovation. The bank’s AI initiatives, including the successful deployment of virtual assistants like Erica for Employees, have significantly enhanced operational efficiency and customer engagement.
Bank of America’s foray into generative AI has not only streamlined internal processes but also catalyzed external interactions, leading to improved time-to-market and enhanced customer experiences. Hari Gopalkrishnan’s appointment as chief technology and information officer underscores the bank’s strategic focus on expanding its AI portfolio to drive future growth.
AskGPS exemplifies Bank of America’s dedication to enhancing client relationships and empowering advisors with informed insights. By leveraging generative AI technologies, the bank continues to set new standards for innovation and efficiency in the financial sector.
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