Bank of America has launched CashPro Forecasting, a tool that leverages artificial intelligence (AI) and machine learning (ML) technology to more accurately predict future cash positions across customer accounts. The solution was developed in collaboration with a fintech that specialises in applying machine learning to cash forecasting to help companies overcome a major pain point: how to evaluate future cash needs without significant manual effort or a costly technology investment.
“Many companies today rely on manual, repetitive work to forecast their cash needs, leaving little time to analyse the data for making strategic decisions, which is the actual objective of the forecasting exercise,” said Ken Ullmann, co-head of Global Commercial Banking, Global Transaction Services at Bank of America.
With CashPro Forecasting, companies can automate their forecasting process while improving the accuracy of their predictions, all without investing in IT. CashPro Forecasting employs a variety of machine learning models to learn from a client’s past cash flows, automatically selecting the most accurate one for each account and using it to forecast future cash positions.