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Bank of America: Digital Innovation with Corporate Clients

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27 March 2023
Colin Kerr

Winner of Celent Model Bank 2023 Award for Product Innovations in Cash Management

Abstract

Global treasury management surveys confirm Celent research showing managing cash and liquidity is still the top priority for treasurers worldwide. Although this has been a top priority for several years, the urgency to implement solutions has clearly increased. Treasuries are also squeezed by a shortage of resources as they navigate through the current economic turbulence. In response, banks have an opportunity to help their clients with products and tools that improve operational efficiency and working capital management during a volatile macroeconomic environment.

Bank of America’s CashPro® digital banking platform is a market leader among global transaction bank offerings. The bank continuously innovates to improve capabilities with ongoing direct input from clients.

A clear theme from clients emerged in recent years: deliver tools and capabilities that enable better and faster decision-making, improve process automation, and provide simpler consumer-like experiences. Three such innovative solutions combine in this case study.

  • CashPro Forecasting, which provides treasurers with accurate cash forecasting based on machine learning analytics and reduces the manual time typically required to create and maintain a cash forecast.
  • CashPro QR Sign-In, which brings a simpler, consumer-like sign-in experience and all but eliminates the need for time-inefficient password reset requests while enhancing security through biometrics.
  • CashPro Payment API, which has been expanded to allow clients to efficiently initiate multiple payment types globally from a single API call.

Bank of America has seized an opportunity to help their clients with products and tools that improve operational efficiency and working capital management. The bank involved clients in prioritization of features and user experience design. Either through direct engagement on advisory boards and early adopter programs or indirectly through service center feedback and surveys, Bank of America involved clients in prioritization of features and user experience design.

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