I’m thrilled to sit down with Priya Jaiswal, a distinguished expert in banking, business, and finance, whose deep knowledge of market analysis, portfolio management, and international business trends has shaped innovative strategies in the financial sector. Today, we’re diving into Bank of America’s groundbreaking generative AI tool, AskGPS, designed to revolutionize their Global Payments Solutions team. Our conversation explores how this technology transforms institutional knowledge into real-time intelligence, saves countless employee hours, enhances client experiences, and integrates with other AI solutions. Priya offers a unique perspective on the strategic impact of AI in modern banking and its potential to redefine advisory services.
Can you share what sparked the development of AskGPS for Bank of America’s Global Payments Solutions team?
The inspiration behind AskGPS came from a clear need to streamline how our team accesses and processes vast amounts of institutional knowledge. We serve over 40,000 business clients worldwide, and the complexity of their inquiries often required extensive research across multiple sources. We wanted a tool that could cut through that complexity, enabling our employees to respond with speed and precision. It was about empowering our team to focus on strategic client interactions rather than getting bogged down in manual searches.
What specific challenges were you aiming to address with this tool?
One major challenge was the time-intensive nature of handling sophisticated client inquiries. Before AskGPS, a single question could take an hour or more, involving calls to specialists across different regions and time zones. This not only delayed responses but also pulled focus away from higher-value advisory work. We needed a solution that could centralize and simplify access to critical information, ensuring consistency and efficiency no matter where the employee or client was located.
How does AskGPS actually function at a basic level?
At its core, AskGPS is a generative AI tool designed to provide quick, accurate answers to employee queries. It’s been trained on a massive library of over 3,200 internal documents, including product guides, term sheets, and FAQs. Employees can input anything from a simple question to a complex client scenario, and within seconds, the tool delivers a clear, relevant response. It’s like having an expert on speed dial, but powered by AI to pull from a vast knowledge base instantly.
What makes AskGPS stand out as a ‘strategic engine’ in your view?
Calling AskGPS a strategic engine reflects its role beyond just searching for information. It’s not about retrieving raw data; it’s about synthesizing that data into actionable insights. This tool helps our team understand patterns, precedents, and best practices across industries and regions, enabling us to offer advice that’s not just accurate but also forward-thinking. It elevates our ability to think strategically about client needs and market dynamics.
Can you paint a picture of how AskGPS enhances the client experience for Bank of America’s business clients?
Absolutely. For clients, AskGPS means faster, more tailored responses to their questions about products or onboarding processes. Where it used to take significant time to compile answers, our team can now turn around inquiries almost instantly. Beyond speed, the tool helps us craft solutions that are deeply informed by vetted resources, ensuring recommendations are customized to a client’s specific industry or geography. It’s about delivering value that feels personal and precise.
The idea of transforming static content into dynamic intelligence is intriguing. Can you break down what that means in this context?
Static content refers to the traditional documents and resources—like PDFs or presentations—that sit in our systems, often underutilized because they’re hard to navigate quickly. Turning that into dynamic intelligence means AskGPS activates this content, making it interactive and responsive. Instead of manually digging through files, our team can ask a question and get a synthesized answer that pulls from multiple sources. It changes how we work by making knowledge a living, accessible tool rather than a static archive.
How does AskGPS fit into the broader suite of AI tools already in use within Global Payments Solutions?
AskGPS complements our existing AI solutions beautifully. For instance, tools like CashPro® Chat with Erica® provide real-time account support for clients, while CashPro Forecasting uses predictive analytics for cash positions. AskGPS enhances these by equipping our employees with deeper insights to support client interactions. It’s not a standalone; it’s part of an ecosystem where each tool amplifies the others, whether by improving internal efficiency or directly enhancing client-facing services.
Saving tens of thousands of employee hours annually is a bold claim. Can you explain how that impact was estimated?
That estimate comes from analyzing the time previously spent on complex inquiries. Before AskGPS, tasks like researching product details or cross-referencing precedents could take hours per query, multiplied across thousands of interactions yearly. By reducing response times to seconds, we’ve calculated a massive reduction in cumulative effort. It’s not just about raw hours; it’s about freeing up our team to focus on creative problem-solving and building stronger client relationships.
Looking ahead, what’s your forecast for the role of generative AI in transforming global payment solutions and banking services?
I believe generative AI will become the backbone of how banking services evolve over the next decade. It’s not just about efficiency; it’s about redefining how we anticipate and meet client needs. Tools like AskGPS will likely deepen their integration with other systems, creating seamless, predictive experiences for both employees and clients. We’ll see AI driving hyper-personalized solutions, smarter risk management, and even more proactive advisory services. The potential to innovate is limitless, and I think we’re just at the tip of the iceberg.
