Bank of America – Enterprise Tech Ecosystem Series
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Bank of America Corporation (BofA) Report Overview
Bank of America Corporation (BofA) has been leveraging artificial intelligence, blockchain, digital payment technologies, and robotic process automation to digitally transform both its front and back-office operations. The annual ICT spending of BofA was estimated at $5.7 billion for 2022. A major share of this spending is earmarked for acquiring software, network & communications, and hardware from vendors. 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. 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.
The Bank of America Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, accelerator programs, and innovation centers, technology partnerships, technology introductions, and ICT spending among others.
|Total ICT Spending 2022||$5.7 billion|
|ICT Spend by Function||Data center, Communications, Network, Application, End-User computing, Management, and Service desk|
|ICT Spend by Channel||Internal development and maintenance, Technology vendors (direct), Local resellers, Telcos, ICT services providers/consulting firms, Specialist outsourcers, and Systems integrators|
|External ICT Spend by Segment||Software (including cloud SaaS and PaaS), Hardware (including cloud Iaas), ICT services, Consulting, Network and communications, and Others|
|Technology Theme Focus||AI, data analytics, robotics, cloud, open banking and fintech|
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Digital Transformation Strategies
BofA is tapping into AI to digitally transform both its front and back-office operations. The bank is leveraging blockchain, digital payment technologies, and robotic process automation (RPA) to enhance its operational and service capabilities.
To gain more insights on the digital transformation strategies and initiatives of BofA, download a free report sample.
BofA Technology Theme Focus
BofA is utilizing a number of emerging technologies including AI, ML, big data, digital payments, robotic process automation, cloud, cybersecurity, blockchain, fintech, and robo-advice among others to enhance its operational and service capabilities.
BofA Technology Focus
To know about other technology themes under focus for the company, download a free report sample
BofA Technology Initiatives
BofA has been involved in several strategic technology partnerships and collaborations, and technology developments and roll-outs over the last few years. For instance, in 2022, BofA partnered with Banked to launch ‘Pay by Bank’, a new online payment solution for e-commerce companies. The solution allows customers of e-commerce companies to pay for their purchases directly from their bank account without entering credit or debit card details.
For more insights on other technology initiatives of BofA, download a free report sample
BofA ICT Spend by Function
- Data center
- End-user computing
- ICT Service desk
BofA ICT Spend Analysis by Function, 2022 (%)
For more insights on ICT spending by function, download a free report sample
BofA ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- ICT services providers/consulting firms
- Specialist outsourcers
- Systems integrators
BofA ICT Spend Analysis by Channel, 2022 (%)
For more insights on ICT spending by channel, download a free report sample
BofA External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- ICT services
- Network and communications
BofA External ICT Spend by Segment, 2022 (%)
For more insights on BofA’s external ICT spending by segment, download a free report sample
This report provides:
- Insight into BofA ’s technology activities.
- Insights of its accelerator programs and innovation centers.
- Overview of technology initiatives covering partnerships, and technology introductions.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into BofA ’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships.
Liberty Science Center
Capital Markets Gateway
Table of Contents
Table of Contents
Digital Transformation Strategy
Accelerators, Incubators, and Other Innovation Programs
Partnership, Investment, and Acquisition Network Map
ICT Budget and Contracts
Frequently asked questions
What was the total ICT spending of BofA in 2022?
The annual ICT spending of BofA was estimated at $5.7 billion in 2022.
What are the key ICT spending categories by function for BofA?
The key ICT spending categories by function for BofA are communications, data center, network, applications, end-user computing, ICT service desk, and management.
What are the key ICT spending categories by channel for BofA?
The key ICT spending categories by channel for BofA are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
What are the key external ICT spending categories by segment for BofA?
The key external ICT spending categories by segment for BofA are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), ICT services, network, and communications, consulting, and others.
What are the key technology themes in focus for BofA?
The key technological theme in focus for BofA is AI, data analytics, robotics, cloud, open banking and fintech.
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