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Bank of America to launch search function for CashPro

500K users help gauge monthly updates

Whitney McDonaldbyWhitney McDonald
April 10, 2023
in Banking
Reading Time: 2 mins read
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Bank of America is seeking to decrease user clicks in its CashPro banking platform with its launch of a new search function this month.

CashPro helps corporate clients manage their overall working capital, including deposit balances and originating payments, and allows businesses to harness existing information in a relevant way, Tom Durkin, global product head for the CashPro platform in global transaction services at Bank of America, told Bank Automation News.

“There’s a great urgency [from business clients] in doing more with less,” he said.

Bank of America CashPro
Bank of America. Photographer: Mark Kauzlarich/Bloomberg

The $3 trillion bank tested the streamlined search function, Durkin said. Results showed that clients could reach an answer in one to three clicks as opposed to the five clicks it took previously.

“We’ve combined multiple data stores into one search engine that’s visible from the CashPro masthead making it easy for users to locate transactions they’re looking for,” Durkin said.

The CashPro app is updated monthly based on “constant client dialogue that helps us prioritize,” Durkin said. The bank looks to advisory boards, design communities and a client feedback loop from its more than 500,000 users to help gauge what updates to roll out.

“The feedback loop helps product managers select and design the next layer of capabilities.”

The bank has launched several capabilities within CashPro, including biometric sign-in to enhance the authentication process, a payment API update to allow clients to process transactions in multiple countries and a cash forecasting tool.

The bank’s digital innovation efforts through the three capabilities were most recently recognized by global research and advisory firm Celent as the winner of the Model Bank Award for Product Innovation.

The bank plans to continue investing in digital capabilities, with mobile app updates planned throughout 2023 to drive more personalized capabilities, Durkin said.

Bank of America’s first quarter 2023 earnings are set to be released next week.

Tags: Bank of AmericacorporatePremium
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