The digital revolution is coming together. APIs on their own are just “like putting lipstick on a pig”, they enable small parts of a function to be ‘improved’ but not the whole process. Artificial Intelligence is the same: unless it is integrated into a day-to-day process, it has little impact. BUT combine these and other tools and the world changes.
Bank of America Merrill Lynch launched CashPro® Assistant at the AFP Conference this week, which “uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients easily access and analyze their banking information.”
CashPro® Assistant functionality includes:
- Analytics and Forecasting, which enables clients to use BofA Merrill application programming interfaces (APIs) to integrate directly with Microsoft® Excel to populate account data on demand from CashPro Online into configurable spreadsheets
- Transaction research
- User support and educational content
- Service and research requests
- Document and account management
- Fraud management
- Automated alerts, live chat and help by phone.
Make it as easy as possible for our clients to do business
BofA Merrill’s positioning of the new digital tools is important because it shows what they are trying to achieve with the new digital tools. Hubert J.P. Jolly, head of financing and channels for Global Transaction Services at BofA Merrill (Yes he was at Citi for 20 years) said:
- ”Companies are looking to their banks to not just execute financial transactions, but to provide information they can use in a hands-on fashion to inform their decision-making. We’re launching CashPro Assistant in recognition that the services we’ve created can be valuable to all our clients without the need to pick and choose among them. Our aim is to make it as easy as possible for clients to do business.”
- “The bank is focused on finding additional ways to more closely integrate with its clients, moving beyond assistance to advisory capabilities.”
- “Our clients manage an increasingly complex ecosystem. Treasurers are challenged with maintaining oversight and managing daily operations using fragmented tools, leaving them with less time to focus on capital allocation and oversight. We view this as an opportunity to help them gain efficiencies, enhance governance and control, and drive strategic growth.”
CTMfile take: Digital tools are now making much more sense. Corporate treasury departments around the world will really appreciate the new efficiencies, enhanced governance and control, AND getting access to all the new functionalities rather than having to pick and choose.
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