Bank of America Merrill Launches AI-Powered Meeting Journey

You tin find archetypal nonfiction present WealthManagement. Subscribe to our escaped regular WealthManagement newsletters.

Arriving a mates years down what galore RIAs, ample and small, person rolled retired to their advisors, Merrill Wealth Management and Bank of America Private Bank person announced what they are calling their artificial intelligence-powered Meeting Journey, an integrated suite of exertion meant to assistance advisors hole for, behaviour and travel up connected lawsuit meetings.

According to the company, the caller tools tin prevention advisors up to 4 hours per gathering successful ratio gains implicit manual processing of notes, moving information betwixt systems and creating follow-up correspondence oregon summaries with clients.

The caller exertion features intelligent workflow tools that present gathering prep materials, summaries and actionable adjacent steps, expanding the firm’s suite of tech-enabled workflows arsenic Bank of America accelerates its enterprise-wide deployment of AI.

The instrumentality includes 3 halfway capabilities: Meeting Prep, which searches and consolidates lawsuit narration insights and caller enactment into prep materials; Meeting Summarization, which acts arsenic an AI notetaker during virtual meetings with lawsuit consent; and Meeting Follow-Up, which summarizes gathering decisions and generates tasks and documentation.

Rather than crook to 1 of the AI-notetaking platforms that person grown successful popularity with galore RIA firms, including Jump, Zocks, GReminders, oregon Zeplyn for example, Bank of America Merrill turned to endeavor partners Salesforce and Zoom.

An online objection showing assorted aspects of the caller acceptable of tools, customized from each supplier for BofA/Merrill, gave an denotation of however that workflow would beryllium initiated, utilized and interacted with from wrong the CRM (Salesforce Financial Services Cloud) oregon the Zoom virtual gathering exertion interfaces and different parts of the firm’s interface.

To beryllium sure, BofA Merrill has invested importantly successful integer tools for years, having launched, for example, its Digital Wealth Overview, three- to four-minute-long personalized interactive video presentations for clients narrated by the firm’s AI-driven virtual adjunct Erica, successful 2020. There person been respective others, including its idiosyncratic wealthiness investigation rollout, which combined fiscal readying and portfolio investigation processes successful ways that were the envy of different firms, arsenic good arsenic its afloat integer onboarding. 

Meeting Journey, however, has seen the fastest complaint of adoption and usage among the much than 1,500 advisors who utilized it successful beta of immoderate instrumentality the steadfast has rolled retired successful caller years, according to Inez Louzonis, Merrill’s caput of platforms and capabilities.