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    Home»Fintech»BofA Grows AI Patent Portfolio 94%, Leading Financial Innovation
    Fintech

    BofA Grows AI Patent Portfolio 94%, Leading Financial Innovation

    October 24, 20242 Mins Read


    Corporate and Wealth Management Applications

    In the corporate banking sector, the bank’s CashPro platform serves 40,000 corporate and institutional clients. The treasury management system incorporates AI for transaction monitoring and account management. CashPro Chat uses the same AI and machine learning capabilities as Erica to help clients view transactions and find account information.

    The questions CashPro Chat can assist with have doubled since its launch last year, including an AI-enabled feature that routes clients to specialists when needed.

    What’s more, the bank’s Global Markets division has implemented machine learning chatbots across 20 trading areas. These systems access proprietary databases to provide real-time market information, trading volumes and exposure data.

    The chatbot connects the bank’s systems to deliver responses to trading-related questions such as market depth, trending indicators and current exposures.

    For corporate clients, the Intelligent Receivables system employs AI and optical character recognition to reconcile payments across multiple channels, automating the matching of payments to invoices. The system, delivered with a third party, learns from payment patterns to improve accuracy over time and reduces costs associated with manual processing.

    Client Insights, launched in 2020 for Merrill Wealth Management and Bank of America Private Bank advisors, uses AI-enabled data analytics to identify changes in client circumstances. The system has delivered 30 million insights to advisors since launch, highlighting opportunities in tax harvesting, retirement planning and student banking needs.

    “We innovate to meet and anticipate our clients’ needs. As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences,” says Aditya Bhasin, Chief Technology & Information Officer at Bank of America.



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