Bank of America - Enterprise Tech Ecosystem Series

Bank of America - Enterprise Tech Ecosystem Series

Summary


This report provides insight into Bank of America's fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, 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

• Bank of America is tapping into the power of key disruptive technologies to enhance its operational and service capabilities. Key technologies the company is focusing on include artificial intelligence, machine learning, big data, robotic process automation, cloud, cybersecurity, and blockchain.
• The bank launched an accelerator program called Breakthrough Lab for supporting fintech startups founded by Black, Native American, Hispanic-Latino, and other under-represented minority entrepreneurs in the US. It helps startups develop growth models and establish contacts with other fintech and financial services companies.
• The bank has invested in fintech companies including iCapital, AccessFintech, Genesis Global, and Capital Markets Gateway to gain access to the latest digital technologies.

• Gain insight into Bank of America's fintech operations.
• Discover its fintech strategies and innovation initiatives.
• Learn about its product launches, partnerships, and investments.