As global banks are increasingly adopting AI-powered virtual assistants in their digital banking channels, PaySpace Magazine Global spoke to Abbey Novack, CashPro Service Product Executive in Global Payments Solutions at Bank of America, about the role AI plays in the bank’s CashPro platform for corporate and commercial clients to handle treasury, liquidity, payments, trade-finance, and related operations.
AI is rapidly reshaping banking, but the innovation story in 2025 is less about flashy high-tech and more about balance. Efficient use of AI in banking is where value, risk, and regulation meet in the middle: personalized services and productivity gains on one side, with systemic, reputational, and fraud risks on the other. Recent reports show that banks that move deliberately in their innovation strategies, investing in foundations, governance, and staff education, will gain the most.
Thus, McKinsey’s recent analyses estimate that generative AI could add hundreds of billions ($200B-$340B) to banking-sector value annually by improving productivity and decision-making. However, the potential gains depend on scaling pilots into enterprise-wide capabilities and re-wiring operating models, not on point solutions alone.
Customer experience is where the AI promise is most visible and immediate. Thus, Accenture’s 2025 banking trends and consumer study shows that banks using generative AI can restore a “human” conversation at scale, providing continuity across channels, highly personalized recommendations, and faster, inclusive, individual, and proactive, context-aware services. At the same time, the researchers warn that personalization requires robust data architecture and consent frameworks. Without those, AI-driven experiences become either intrusive or brittle.
As global banks are increasingly adopting AI-powered virtual assistants in their digital banking channels, PaySpace Magazine Global spoke to Abbey Novack, CashPro Service Product Executive in Global Payments Solutions at Bank of America, about the role AI plays in the bank’s CashPro platform for corporate and commercial clients to handle treasury, liquidity, payments, trade-finance, and related operations. Here’s how the BofA navigates a complex innovation landscape driven by accelerating tech progress and evolving customer expectations on one side, and enhanced security and regulation on the other.
You have recently reported that almost 70% of your corporate clients use CashPro Chat to access account information, transaction tracking and service resolution on the treasury/corporate banking platform. Have you received any feedback on why clients prefer AI virtual assistance and, on the contrary, why the rest (30%) choose to connect to live advisors or use other traditional service methods?
Our clients appreciate how much time that CashPro Chat is helping them save in performing their day-to-day needs. Instead of picking up the phone or sending an email and waiting for assistance, they can instantly get answers to their questions. For more complex matters, it makes sense for them to leverage more traditional service channels. The combination of the two solutions is what we like to call high-tech, high-touch. Clients initially voice some trepidation when it comes to using a virtual assistant, but as they interact with it, the more comfortable they have become. We hope that as we build out CashPro Chat even more, adoption will only continue to increase.
How has the implementation of CashPro Chat and CashPro Search tools facilitated treasury platform management for BofA as a provider?
We believe our approach to innovation, which begins with understanding our client needs, distinguishes us as a top provider of treasury and cash management solutions. CashPro Chat and CashPro Search are great demonstrations of that approach since they were developed in close consultation with clients.
Does CashPro platform embed more AI features besides Chat and Search?
In addition to CashPro Chat, we are using AI in two additional solutions: CashPro Forecasting and Capital Markets Insights on the CashPro app.
Do you believe AI agents coordinated by some orchestration layer can fit into the banking ecosystem making more decisions on the back end?
AI is an exciting technology with so much potential, however, there’s no point in launching something if no-one is going to use it. This comes back to our philosophy around innovation. We are very disciplined about what we invest in. That’s why dialogue with our clients is so important and it’s why we established CashPro Boards around the world. These groups of clients help us select, design and prioritize the innovation roadmap for CashPro.
Is CashPro planning to expand its AI-driven service suite in 2026?
We’re excited by the adoption metrics and the positive feedback. Both these prove that CashPro Chat has proven its value to clients in solving their real-world challenges. In 2026, we’re going to invest in it even further by building out the number of questions it can answer.
Read more:
