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  5. Innovation Begins with Clients: Bank of America CashPro

Innovation Begins with Clients: Bank of America CashPro

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2023/03/29
Colin Kerr

It’s that time of year again - March Madness. However, tear yourself away from the annual NCAA basketball tournament and focus on the Celent Model Bank Awards! Each year banks of all sizes from around the world submit nominations for Model Bank Awards. After multiple rounds of evaluation and adjudication, Celent announces award winners at our annual Insights and Innovation Day, and our analysts publish case studies about each winner’s innovations, results and best practices.

This year I’m delighted to share that Celent awarded Bank of America a Model Bank 2023 award for Product Innovation in Cash Management.

In today’s volatile economic conditions, insight to cash and liquidity remains the top priority for corporate treasurers. Although this has been a critical need for several years, the urgency to implement solutions has clearly increased. However, finance and treasury teams are also squeezed by a shortage of staff resources as they navigate through the current economic turbulence. These companies need tools and capabilities that enable better and faster decision-making, improve process automation, and provide simpler consumer-like experiences. Three such innovative solutions from Bank of America’s CashPro® platform combine in this case study.

  • CashPro Forecasting
  • CashPro QR Sign-In
  • CashPro Payment API

The results of these innovations are seen in high rates of client adoption and digital engagement, as well as payment transaction throughput. However, technical innovation is not the only factor. Another aspect that really stood out was the bank’s continuous engagement with clients in the innovation process - including user experience design.

Celent selected Bank of America’s CashPro innovations for this year’s Model Bank Award for Product Innovation in Cash Management because of the bank’s practical application of patented technologies, and proactive engagement with clients to define and deliver multiple innovations that address client pain points. Congratulations to the Bank of America team.

Looking ahead to 2024, it is never too early to start thinking about Model Bank submissions. Nominations for the 2024 award program open on June 28th 2023. More details to follow.