Bank of America – Digital Transformation Strategies

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Bank of America Digital Transformation Strategies 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 $5.8 billion for 2023. A major share of this spending is earmarked for acquiring software, network and communications, and hardware from vendors.

Bank of America 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 the 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 2023 $5.8 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), Hardware (Including Cloud IaaS), ICT Services, Consulting, Network and Communications, and Others
Technology Theme Focus AI, Big Data, 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.

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BofA Technology Theme Focus

BofA is utilizing several emerging technologies including AI, big data, cloud, open banking, and fintech among others to enhance its operational and service capabilities.

BofA Technology Theme Focus

BofA Technology Theme Focus

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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.

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Bank of America ICT Spend by Function

  • Data Center
  • Communications
  • Network
  • Applications
  • End-user Computing
  • Management
  • ICT Service Desk

Bank of America ICT Spend by Function, 2023 (%)

Bank of America ICT Spend by Function, 2023 (%)

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Bank of America ICT Spend by Channel

  • Internal Development and Maintenance
  • Technology Vendors (Direct)
  • Local Resellers
  • Telcos
  • ICT Services Providers/Consulting Firms
  • Specialist Outsourcers
  • Systems Integrators

Bank of America ICT Spend by Channel, 2023 (%)

Bank of America ICT Spend by Channel, 2023 (%)

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Bank of America External ICT Spend by Segment

  • Software (Including Cloud SaaS)
  • Hardware (Including Cloud IaaS)
  • ICT Services
  • Consulting
  • Network and Communications
  • Others

Bank of America External ICT Spend by Segment, 2023 (%)

Bank of America External ICT Spend by Segment, 2023 (%)

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Scope

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.

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Table of Contents

Overview                                                                                              

– Brief information about the company, its business divisions, and its financials

Digital Transformation Strategy                                                      

– A summary of key digital strategies/implementation efforts of the company

Accelerators, Incubators, and Other Innovation Programs      

– Discusses the company’s key strategic units, innovation labs, incubation, and accelerator programs dedicated to technology innovation

Technology Focus                                                                                

– Lists the technology themes pertinent to the industry the company operates in and highlights the themes adopted by the company

Technology Initiatives                                                                        

Discussion about all the technology introductions & partnerships the company has entered

Investment                                                                                         

Brief discussion about the investments made by the company to acquire new technologies

Acquisitions                                                                                        

Brief discussion about the acquisitions by the company

Partnership, Investment & Acquisitions Network Map            

– A bird’s eye view of all the partnerships/investments/acquisitions that the company has made in the last 3-5 years

ICT Budget and Contracts                                                                 

– The company’s ICT budget segregated into hardware, software, and managed IT services

Key Executives                                                                                     

– Lists key executives and Digital Transformation Executives of the company, typically the key decision makers/influencers

Frequently asked questions

Bank of America – Digital Transformation Strategies thematic reports
Currency USD
$1,495

Can be used by individual purchaser only

$2,990

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


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