The team behind the Bank of America’s digital banking platform for businesses is focusing on boosting board and enhancing personalization to sharpen customer experience.
This is according to Kristin Gemma, head of Cashpro Communication, products and strategies in the bank. Cashpro handles treasury and payment needs for about 40,000 companies, ranging from small businesses to global corporations.
“We really are thinking, how to improve the board for customers so that it doesn’t take much time to settle with the bank?” Gemma said during a recent interview. It manages the Cashpro Communication Process Team, which follows changes and developments of the platform for clients, and provides customers with thought -out leadership and information on the landscape of payment.
Finance professionals, corporate treasures, payable and receivable accounts and C-SUITE executives Use cashpro to manage Treasury, trade, credit and their investments. This includes receiving approved payments or decisions related to fraud, or deposit controls. More than 1 trillion dollars in payments They were made through the Cashpro application last year, a 25% jump from year to year, as businesses favor mobile skills.
Last year, the lender Charlotte, based in North Carolina added one function This allows Cashpro users to start an inquiry on the status of a transaction within the platform, part of the bank’s continuous effort To enhance her digital bank skills so that businesses can do more online instead of calling or emailing for help.
Currently, clients spend time talking to bankers or customer service staff, sharing information over the phone and via email, which the bank envisages to move to the Cashpro platform, Gemma said.
“We can all get a transparent view of what is happening, the client can feel very comfortable by sharing information with us on the platform because they are proven,” Gemma said.
To this end, the Cashpro team is working to draw more functionality “to speed that time on board and also get a lot of noise,” Gemma said. The team has torn down Cashpro application programming interfaces – which allow customers to enter the platform through a third party such as a Treasury Management System or Enterprise Resource Platform – to speed the time of the client board.
Later this year, the bank aims to add a new option of registration of credit cards on the platform, Gemma said. This will allow some business and business banking customers to apply for a merchant card through cashpro, similar to what the bank already does on the consumer side.
“I’m bringing more from that consumer experience in cash pro,” Gemma said. She refused to specify when the bank plans to add that skill.
Cashpro continues to be an area of concentration for the bank, which spends $ 13 billion a year on technology since this year; Of this amount, $ 4 billion heads towards new technology initiatives, said a bank spokesman. Gemma refused to share specific investment numbers for cashpro.
The Bank of America also seeks to increase personalization for its cashpro clients, she said, which is likely to make it easier for them to attract their attention to the changes or functions they can benefit from.
“Our clients are getting so much information now – we are all, right? – It can be difficult to cut noise and understand what is really influential, “Gemma said.” We probably see that with clients, and it takes a lot of effort, in some cases, to make them take advantage of a new skill that we know will help them. ”
“The more important we can make our communications for them, the more likely they will actually be able to pay attention,” Gemma added.
The Gemma team works to educate customers on how they can use cashpro, because some customers are looking forward to being early adopters and immediately try new functions, but others should be informed answers to certain questions can be obtained faster through the Cashpro conversation function, which is provided by Bofa Erica’s virtual financial assistant. Erica has been able to handle about 40% of the client’s questions in the function of Cashpro’s conversation, Gemma said.
The team is also doubled in data intelligence to give clients proactive announcements about possible actions, she said. Since a digital tool called Insights revolved, the bank has seen strong client adoption, “where they are actually taking steps that we recommend that they take,” she said.
Recently, for companies whose users had a payment approval that exceeded the average amounts, Cashpro issued a notice suggesting that the limits be reviewed. In response, about 1,000 users took action to reduce the limits of payment approval, Gemma said.
“We will make more personalized and proactive impetus of penetration like this throughout the year,” Gemma said. Data use data to help customers protect themselves remains a “high -focus area”.