Bank of America: Innovative Technology, IT Strategy, and Skills and Competence Required (Essay Sample)

Bank of America
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Bank of America
Bank of America (BoA) is amongst the world’s top banks, serving small and middle market firms, individual customers and big firms with wide range of asset management, investment, banking as well as other risk management and financial services and products. The bank was created through NationsBank acquiring BankAmerica in the year 1998 and is headquartered in Charlotte, North Carolina (Ramshaw et al. 2013). It is considered to be the second biggest banking institution in America and is the 8th biggest bank globally. The bank offers consummate convenience in America serving around 66 million small business customers and individual customers with roughly 4300 retail monetary centers, and around 17,00 ATMs (Ramshaw et al. 2013). The bank is also considered to be award-winning digital banking with roughly 41 million active users, comprising roughly 32 million mobile users.
The bank is a worldwide leader in corporate and investment banking as well as trading across serving companies, asset classes, institutions in the globe. BoA provides leading industry support to around 3 million via easy-to-use online services and products through a suite of innovation (Cox & Bossert, 2005). The bank serves customers through its operations across 35 countries including the US. With the depth of resources, expertise as well as geographic reach, the company is in a global position to advance strong economies globally and promote economic opportunities. The company partners with cultural institutions, local governments, nonprofits which enhance economic outlook, offer affordable housing and boost job skills (Cox & Bossert, 2005). Through this, the bank is able to meet financial needs of the customers by lending them credits and acting as custodian of their savings. The bank gains from operating worldwide through pooling together 3 the interest rates on from loans then use the finances to fund its activities such operations, human resources and infrastructures.
Innovative Technology in Bank of America
Technology is quickly transforming the banking experience for both clients and employees outside and within the banking halls. Technology adopted by the bank is used to improve and automate delivery and use of financial services. Thus, it is tailored to offer on-time communication, financial advice and communication to the clients (Von Pischke, 2012). The adoption of communication channels helps to connect the bank to the business and social lives of their customers. At the center of innovative technology is a client-centered approach in addressing their market needs while consuming financial services. Therefore, some of the leading technological innovations are centered on artificial intelligence. It is widely adopted within BOA as it understands individual preferences enabling the business to offer the customer as personalized approach in financial management and services.
Company IT Strategy
The business model is suited for a customer-centered approach in banking. Thus, the use of artificial intelligence through the virtual assistant Erica, the company is able to connect to the clients and monitor their financial progress. The technology uses cloud applications and devices that allows the business to offer voice, text and on-screen gestures that are use