The Bank of America has also introduced the launch of the CashPro Forecasting, which has been a tool that is using the machine learning (ML) and Artificial Intelligence (AI) technology for predicting the cash positions in the future across the accounts of the client at the Bank of America and several other financial institutions across the United States.
The solution had also been developed in the partnership or collaboration with the financial technology that has been specializing in the process of applying the machine learning to the cash forecasting for providing help in solving a top suffering point for the companies including how to measure the needs of the cash without a significant manual effort in the future.
Ken Ullmann, co-head of the global transaction services and global commercial banking at Bank of America said that, most of the companies have been relying on the repetitive and manual work for forecasting the cash needs of the people that has been leaving the little time for the purpose of analysing the data for producing the strategic decisions that has been the actual objective of the exercise of forecasting.
He also said that, with the help of the CashPro Forecasting tool, the companies can possibly automate the process of the forecasting of the clients along with improvement of the accuracy of the predictions of the bank without making any of the investment in the Information Technology.
The tool CashPro Forecasting has been available to the clients and the platforms including the commercial and corporate clients, which are using to manage the borrowing and treasury needs.
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