AI-Powered Tool Boosts Productivity of Bank of America’s Bankers for Client Research

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Bank of America has implemented an artificial intelligence-powered tool called Banker Assist to boost bankers’ productivity. The tool helps Bank of America employees research their clients with aggregated information from internal and external databases, presenting insights unique to each client. Banker Assist also allows bankers to record and review client meeting notes, review a client’s profitability, and identify a client’s credit lines and relationships with competitor banks. Before Banker Assist, bankers would spend hours manually compiling information on each client. The tool has over 700 users and is able to save hours of research for each client brief. The goal of Banker Assist is to increase efficiency and effectiveness among employees. The tool also pulls data that bankers hadn’t considered before, such as Uniform Commercial Code (UCC) filings. Banker Assist helps identify a client’s credit lines and relationships with competitor banks. The recent increase of generative AI technology has seen financial firms experimenting with applications that create efficiencies in how their employees work. Bank of America is careful and deliberate in deploying new technology, focusing on truly understanding its clients’ needs before applying new tools and technology.

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