IT Alignment at Bank of America

Business-IT Alignment at BofA
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Business-IT Alignment at BofA
BofA's IT department's strategic goals include standardizing IT architecture, streamlining applications, producing customer-focused inventions, streamlining physical infrastructure, generating a digital mortgage process, using artificial intelligence in bank business processes, and monitoring the financial technology industry for possible strategic partnerships (Rainer et al., 2020). BofA's explicitly assigned these objectives to the IT arm, Global Technology and Operations.
IT Infrastructure
The bank's primary business aim is to create a centralized, unified IT infrastructure that all parts of the business could gain access to improve efficiency and minimize costs.
The bank built a software-defined infrastructure (SDI), a cloud service where the software provides existing customers with servers, storage, and networking capabilities as necessary (Rainer et al., 2020). This method is comparable to how cloud service companies supply consumers with computation on demand. The SDI private cloud helped the bank to reduce its data center footprint.
Applications
The Bank of America has discarded over 18,000 applications, many leftovers from previous acquisitions. Furthermore, BofA's CashPro Online interface is now available in eleven languages to business clients (Rainer et al., 2020). The platform replaced hundreds of liquidity management programs, exchange rates, and money transfers. In addition, the bank merged twenty-two collateral monitoring systems into one and eight teller technologies into one.
Innovative Customer Service
In 2014, the bank released new variants of its consumer smartphone and iPad apps. Customers should be able to check banking information and transact on any device, no matter where they are, using the app (Rainer et al., 2020). Customers can also order new debit and credit cards, make appointments, change planned bill payments, request copies of issued cheques, and execute various other tasks.
The Digital Mortgage
Customers can use the bank's phone app or internet banking to obtain a mortgage with a digital mortgage. The bank cut the number of fields consumers must fill out in their mortgage application in half while launching its digital mortgage. Clients must fill out over 300...