Bank of America Launches Generative AI Payments Assistant

Embracing Generative AI at Bank of America: A Leap into the Future

As the financial sector increasingly harnesses the power of generative AI, Bank of America is at the forefront of this transformation, making significant strides through sustained research and technological investment. A recent highlight in their AI journey is the introduction of AskGPS, a generative AI-powered knowledge management assistant specifically designed for the bank’s Global Payments Solutions division.

Revolutionizing Knowledge Management with AskGPS

Unveiled in September 2025, AskGPS aims to provide tailored answers to over 40,000 business clients. The innovative tool leverages a substantial amount of internal data — approximately 3,200 documents including product guides, term sheets, and FAQs — to deliver immediate, context-sensitive information. Jarrett Bruhn, the head of data and AI for the Global Payments Solutions division, emphasized the tool’s efficiency compared to traditional methods: “Pre-generative AI, we had standard library search to find documents, not answers. Deep, difficult questions would take up to an hour of searching.”

What makes AskGPS particularly remarkable is its multilingual capability, supporting 29 languages. This feature not only helps address the needs of a diverse global client base but also significantly eases onboarding for new hires. Bruhn noted, “This is their go-to for acronyms and product knowledge,” underscoring how it streamlines knowledge retrieval in real-time meetings.

Collaborative Development for Smoother Deployment

The development of AskGPS reflects a robust collaborative effort between Bank of America’s Global Payments Solutions team and its global technology department. Their combined expertise allowed for a seamless design and deployment process, ensuring that the tool is scalable, secure, and aligns with the bank’s broader AI strategy. “The goal was to build adaptable tools that benefit multiple lines of business,” explained a Bank of America spokesperson.

Generative AI: A Blueprint for Banking’s Future

Generative AI applications thrive in the banking sector, a landscape ripe with data and the need for stringent governance due to the industry’s regulatory requirements. As Alexandra Mousavizadeh, co-founder and co-CEO of Evident Insights, pointed out, “The banking sector is a blueprint for how AI should be rolled out in any sector.” With existing checks and balances in place, banks can confidently experiment with AI.

Bank of America’s commitment to AI innovation is also evident in its rising profile within the industry. The firm recently made it to the Top 10 in the annual banking AI index published by Evident Insights, marking its success in AI maturity among large global financial firms.

A Strong Focus on Innovation and Patents

The bank’s ongoing investment in AI research has contributed significantly to its reputation. With a staggering 7,400 patents and pending applications — 1,200 of which are related to AI and machine learning — Bank of America has established itself as a leader in this rapidly evolving space. Development and adoption of AI tools have been steadily progressing; their Erica for Employees virtual assistant, for instance, has achieved widespread adoption among employees, effectively cutting IT service calls in half.

Evolving Customer and Employee Experiences

The introduction of Erica, a consumer-facing chatbot that was launched in 2018, paved the way for the virtual assistant now utilized by employees. This past success set the groundwork for broader AI integration, enabling over 90% of Bank of America’s 213,000 employees to utilize these innovations. The seamless experience is enhanced further by additional AI knowledge management tools rolled out within the wealth division, demonstrating the bank’s commitment to enhancing both employee and customer interactions.

The Generative AI Initiative: Focus on Advisors and Clients

The AskGPS initiative doesn’t just enhance internal processes; it is central to improving the overall banking experience for both advisors and clients. Bruhn highlights that the primary aim is “informed advisory and deepening those client relationships.” By equipping employees with accurate, timely information, Bank of America is focused on enhancing the quality of service and advisory provided to clients.

A Future-Forward Approach

Generative AI is paving the way for fundamental changes in how Bank of America operates, both internally and externally. Hari Gopalkrishnan, the newly appointed chief technology and information officer, emphasizes that generative AI has enabled the bank to “accelerate time-to-market and make processes easier and faster.” His previous experience leading technology for consumer, business, and wealth management positions the bank for further AI-centric innovations.

Building Adaptable Tools for a Changing Landscape

As tools like AskGPS continue to evolve, Bank of America stands as a beacon for how banks can effectively integrate AI technology. Through intelligent design, rigorous collaboration, and a commitment to enhancing the client and employee experience, the bank is well-positioned to lead the charge into a future where AI shapes every aspect of financial services.