Full Breakdown
Bank of America Launches Generative AI Tool to Enhance Business Banking Services
10/1/2025, 12:31:53 PM
Introduction of AskGPS
Bank of America (BofA) has introduced a new generative AI tool named Ask Global Payments Solutions (AskGPS) aimed at improving the efficiency of its Global Payments Solutions team, which serves over 40,000 business clients. Launched on September 30, 2025, AskGPS allows employees to quickly respond to client inquiries by accessing a repository of more than 3,200 internal documents, including product guides and FAQs. This initiative is part of a broader trend in the banking industry to integrate AI technologies to enhance service delivery and personalization.
Operational Improvements and Client Engagement
The AskGPS tool significantly reduces the time required for employees to address complex client questions, which previously could take up to an hour and often involved multiple phone calls to product specialists across different time zones. With AskGPS, employees can obtain answers within seconds, potentially saving tens of thousands of work hours annually. Mark Monaco, head of Global Payments Solutions at Bank of America, emphasized that AskGPS transforms institutional knowledge into "real-time intelligence," enabling faster and clearer responses to client needs.
Jarrett Bruhn, managing director and global head of data and AI for GPS at Bank of America, noted that the tool not only enhances speed but also improves the quality of advisory services. By framing client inquiries in a strategic context, AskGPS aims to provide tailored solutions that align with clients' business objectives, such as improving cash flow for industrial companies.
Broader Industry Context
The launch of AskGPS coincides with a notable increase in AI adoption across the banking sector. According to American Banker's Cost of AI study, 80% of U.S. banks are increasing their AI spending in 2025, with a significant portion of that budget directed towards enhancing customer service capabilities. Citigroup and Temenos have also made strides in AI integration, with Citigroup requiring over 175,000 employees to complete training on generative AI prompts and Temenos launching an AI-powered treasury management platform.
Criticism & Opposition
While Bank of America’s AI initiatives have been well-received, some analysts suggest that certain AI stocks may offer higher growth potential with lower risks compared to traditional banking investments. Truist Financial analyst John McDonald pointed out that while Bank of America’s financial performance remains strong, the competitive landscape for AI technologies in banking is rapidly evolving.
Official Statements & Responses
Bank of America officials have expressed confidence in the capabilities of AskGPS. Bruhn stated, "By turning static content into dynamic intelligence, we’re not just improving access—we’re transforming how our teams learn, respond, and lead with insight." This sentiment reflects the bank's commitment to leveraging AI for enhanced operational efficiency and client engagement.
What's Next
As the banking industry continues to embrace AI technologies, Bank of America plans to further develop its AI strategy across various domains, including AI agents and predictive analytics. The ongoing evolution of AI in banking is expected to reshape client interactions and operational frameworks, positioning institutions like Bank of America at the forefront of this technological transformation.
