Bank of America - Digital Transformation Strategies

Bank of America - Digital Transformation Strategies

Summary

This report provides insight into BofA's fintech activities, including its digital transformation strategies, its accelerators, incubators, and other innovation programs, its technology initiatives, investments, acquisitions and its estimated ICT budget.

Bank of America Corporation (BofA) offers a wide range of financial products and services to retail customers, companies, and institutions through its eight lines of business. BofA serves retail customers through its Retail, Preferred, Merrill Lynch Wealth Management, and Bank of America Private Bank lines of business; companies through its Business Banking, Global Commercial Banking, and Global Corporate & Investment Banking lines of business; and institutions through its Global Markets line of business. Retail and Preferred are clubbed together under the Consumer Banking business segment. Merrill and Private Bank are clubbed together under the Global Wealth & Investment Management business segment. Business Banking, Commercial Banking, and Global Corporate & Investment Banking are clubbed together under the Global Banking business segment. The bank offers checking and savings accounts, automobile loans, wealth management services, and credit cards, among other products and services, to retail customers and small businesses. Its offerings to companies and institutions include cash management solutions, working capital solutions, merchant services, risk management services, employee benefits services, and investment banking services.

Scope

• BofA has been leveraging artificial intelligence (AI) to digitally transform both its front and back-office operations. BofA is expanding the capabilities of its AI-powered digital assistant, Erica, to provide personalized banking, investing, credit, and retirement-planning advice.
• BofA joined the Paxos Settlement Service to reduce the time taken to settle stock trades to a few minutes. Paxos Settlement Service is a private, permissioned blockchain solution offered by Paxos, a US-based blockchain infrastructure company.
• As a part of the digital transformation, Bank of America launched its Global Digital Disbursements services for its commercial clients in Canada. This solution streamlines the processing of multiple B2C payments and C2B collections using email addresses or mobile phone numbers as identifiers.

Reasons to Buy

• Gain insights into BofA's fintech operations.
• Gain insights into its fintech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, investment, and acquisition strategies.