Bank of America’s CashPro App Leads the Way in Business Banking Innovation
Discover how Bank of America's CashPro app stays ahead of competitors by collaborating with clients to enhance business banking services.
Bank of America is ramping up its efforts in innovation to drive increased usage of its digital-banking mobile app for businesses, seeking feedback from clients to improve user experience and feature functionality. With CashPro catering to the treasury and payment needs of approximately 40,000 businesses, ranging from small enterprises to global corporations, the bank is committed to enhancing app features from various perspectives.
Finance professionals, corporate treasurers, accounts payable and receivable staff, as well as C-suite executives rely on CashPro to oversee their treasury, trade, credit, and investments. This includes tasks such as approving payments, making decisions related to fraud, and depositing checks. The bank's significant growth has prompted substantial investments to meet the evolving needs of its business customers.
Bank of America is allocating substantial resources, amounting to hundreds of millions of dollars annually, to bolster its digital products and capabilities, including CashPro. While specific details on the investment for CashPro this year were not disclosed, the bank plans to allocate $3.8 billion towards new technology initiatives in 2024. In a competitive landscape where business clients have multiple banking partners, Bank of America faces competition from global and super-regional banks in the mobile app arena.
To stay ahead, the bank closely monitors industry trends and collaborates with clients to enhance the app. Through advisory groups with business clients, Bank of America gathers valuable input and feedback to drive continuous improvements to CashPro. The bank acknowledges the influence of consumer preferences on commercial app innovation, with recent enhancements such as chat capabilities leveraging artificial intelligence and machine learning, similar to BofA's virtual financial assistant, Erica.
Additionally, the introduction of Insights, a digital tool that analyzes clients' data within the platform, aims to empower customers with actionable insights derived from a wealth of information. Bank of America actively seeks input from business clients on data intelligence to shape future developments. By gamifying security through features like a security data tool that offers recommended tasks, the bank aims to engage clients and encourage proactive actions.
Currently, Bank of America has four payments Insights in an early adopter program involving 100 clients, with plans for broader availability in the future. The bank continues to innovate and collaborate with clients to deliver a seamless and secure digital banking experience through CashPro.
Bank of America’s CashPro App Leads the Way in Business Banking Innovation
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