Bank of America added data insights to its CashPro platform as corporate and commercial clients asked for real-time treasury management functionality.  

CashPro is Bank of America’s global digital banking platform and is used by more than 40,000 commercial and business clients, Jennifer Sanctis, managing director and CashPro product executive at Bank of America, told Bank Automation News. 

The platform processes a “tremendous amount” of data daily, but before CashPro Insights, that data wasn’t easy to consume, she said. “Having data is one thing, but being able to unleash the power of it by analyzing and then taking it on is totally different,” Sanctis said. 

To bring the data insights into one snapshot, the bank brought together a cross-functional team of data scientists, technologists, product managers, user experience members and designers to create CashPro Insights, Sanctis said.  

The bank also ran early adopter programs to ensure the product’s value before opening up the offerings to an expanded segment in November, Sanctis said, noting that the bank continues to adjust the platform based on feedback from early adopters. 

Payment insights

To kick off CashPro Insights, the bank started with payment data analytics to offer its commercial and corporate clients a robust view of spending, Sanctis said. 

Through CashPro Insights, business clients can view the following payments insights in one place: 

• Supplier propensity; 
• Payment efficiency; 
• Payment type; and 
• Fraud prevention. 

The payments data puts “real metrics behind cost savings,” Sanctis said.  

Along with tracking a company’s spending, CashPro Insights compares spending metrics to the broader market to suggest other areas of saving, Veronica Cadavid, vice president and CashPro product manager at Bank of America, told BAN during a demo of the platform. 

The bank also offers security insights through CashPro, giving a full snapshot of a company’s security strength, Cadavid said. For example, CashPro can prompt clients to enhance security using biometric solutions. 

CashPro growth

The bank’s platform continues to grow, with CashPro Insights expected to reach other banking services, including receivables and merchant services, according to a bank release.  

CashPro Insights adds to the platform’s CashPro Forecasting and CashPro Search capabilities, Tom Durkin, global product head of CashPro in Global Transaction Services at Bank of America, previously told BAN. 

Durkin will speak at Bank Automation Summit U.S. 2024 on Tuesday, March 19, at 2:15 p.m. CT in Nashville, Tenn.  

Get ready for the Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.