Bank of America Gives CashPro Chatbot an AI Upgrade

Bank of America is giving its virtual service adviser CashPro Chat an AI-centered upgrade.

The banking giant announced Monday (Sept. 18) that its business clients will now be able to interact with a tool featuring the same artificial intelligence (AI) and machine learning capabilities driving Erica, its virtual financial assistant.

“Finance teams today need access to information quickly, at any time of day, and from any location. Whatever we can do to eliminate friction will help them respond better and faster to real-time events and demands,” Tom Durkin, the bank’s global product head of CashPro in Global Transaction Services, said in a news release provided to PYMNTS.

“This latest enhancement to CashPro Chat is a great demonstration of how we’re doing just that,” Durkin added.

According to the release, the upgrade will let clients quickly view transactions, get information about their accounts and navigate CashPro functionality. The virtual adviser will also direct more complicated requests to specialists as needed.

The updated CashPro Chat is happening as banks both big and small are using AI to revamp their offerings, as noted here recently.

“In this new era, ‘conversation’ transcends a mere chat, fraud ‘detection’ connotes foresight and ‘digital natives’ have AI on speed dial,” PYMNTS wrote last month as part of the “Embedded Finance Tracker” series.

“As industry chatbots morph into personalized tools and fraud protection turns prescient, every facet of banking is poised for a rebuild. This transformation is not merely a splash of futurism — it is reshaping everything from internal operations to consumer banking experiences.”

The tracker notes that the Consumer Financial Protection Bureau (CFPB) has painted a vibrant future in which chatbots not only carry out transactions but also guide users in making informed financial decisions. 

The report also argues that generative AI goes beyond the days of chatbots answering frequently asked questions from a prewritten script. J.P. Morgan Chase is using real-time “dissatisfaction data” for intuitive, humanlike customer interactions, while Israel’s One Zero Bank and AI21 Labs have developed chat platforms that mirror human engagement. 

“Paired with data-rich back ends, these innovations are turning once clunky chatbots into engaging and effective strategic assets,” PYMNTS wrote.