Bank of America focuses on innovation by introducing a business banking app for its clients.
Bank of America Enhances CashPro Mobile App Based on Client Feedback
Bank of America is leveraging client feedback to innovate and improve its CashPro mobile app, a key digital platform for businesses to manage their treasury, trade, and credit operations. Here's how the bank is using client input to drive change:
Client Feedback and Innovation
- Self-Service Features: Clients are increasingly using self-service features like account verification letters, leading to a significant reduction in service center calls. The demand for more intuitive and accessible tools is clear, with clients requesting these features on a global scale[1].
- AI-Driven Tools: The CashPro Chat, built on the same platform as Erica, BofA's consumer virtual assistant, allows treasurers to quickly view transactions and find account information. Approximately 40% of queries are self-serviced through this tool, demonstrating the effectiveness of AI-driven support in meeting client needs[1][4].
- Personalization and Future Developments: The CashPro app is evolving to become a more personalized tool based on user preferences. The success of features like payment approvals, which exceeded $1 trillion in volume last year, underscores the trust clients place in the app for strategic business decisions, and feedback is crucial for further enhancing these capabilities[1].
- QR Sign-ins and Security: The platform also incorporates QR code sign-ins, which have surged by 60%. This adoption indicates that clients value the convenience and security offered by such features, guiding further enhancements in user experience and security measures[2].
Addressing Client Needs
By incorporating client feedback, Bank of America is tailoring the CashPro platform to provide more efficient, personalized, and secure services. This approach ensures that the platform remains relevant and effective in meeting the evolving needs of corporate and commercial clients.
The CashPro app offers features such as payment approvals, decisions related to fraud, and depositing checks. The security data tool in CashPro displays a meter and offers clients a recommended task to "gamify" security.
Bank of America plans to spend $3.8 billion on new technology initiatives in 2024, with a significant portion allocated to enhancing digital products and capabilities such as CashPro. The bank's CEO, Brian Moynihan, stated that the bank is investing hundreds of millions of dollars annually to improve digital products and capabilities[3].
CashPro's first Insights offering, related to security, was launched last year, and the team is focusing on rolling out two-factor authentication for all users, not just as an opt-in. As of June 20, the app has been granted 16 patents and has 21 more pending. A digital tool called Insights has been added to CashPro, which analyses clients' information within the platform[5].
The COVID-19 pandemic served as a catalyst for the growth and adoption of the CashPro app[6]. The app is currently in an early adopter program with four payments Insights, and more are actively in development. Bank of America is soliciting input from its business clients to inform the development of data intelligence features in CashPro.
As Bank of America continues to invest heavily in CashPro to keep up with what business customers want from the app, the platform is set to become an even more powerful tool for businesses to manage their financial operations efficiently and securely.
[1] Source: Bank of America Newsroom, 2021 [2] Source: Bank of America Newsroom, 2022 [3] Source: American Banker, 2021 [4] Source: Bank of America Newsroom, 2022 [5] Source: Bank of America Newsroom, 2021 [6] Source: Bank of America Newsroom, 2020
- The evolution of the CashPro app includes the implementation of personalized features based on user preferences, such as payment approvals and two-factor authentication, demonstrating Bank of America's commitment to technology advancements in finance and business.
- With the increasing adoption of QR code sign-ins and AI-driven tools like CashPro Chat, treasurers can quickly manage their business operations, reflecting Bank of America's efforts to integrate technology in its business and finance offerings.
