Bank of America and Technology. Based on Essay

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Bank of America and Technology.

Based on experience, give examples of how management at your company expects technology to improve business. Discuss how your company's current technology is meeting or not meeting business needs.

The Bank of America (BOA), the nation's premier bank and one of the premier banks in the world, is highly dependent on technology for meeting its business needs. On few occassions does it find itself being disappointed. Most times, it finds technology meeting its neeeds.

On the simple level, BOA uses its computers to store customer account information on its servers as well as employing accounting software. Computers are also invaluable for number crunching accurately solving inordinately complex equations in seconds. The bank also uses computers for user authentications, aside from which computers, used as network, connect the various BOA units and their customers so that all are kept in instant and effective intercommunication and are aware of development along the BOA front. In this way, too, technology enables the BOA to better and more reliably help its client as well as keeping each of its units informed about various applicable developments. Computer technology, in short, has enabled banks to downsize equipment, link personal computers to the institution's primary system, and allow local processing of transactions.

Automated teller machines (ATMs), introduced in the 1970s, are another instance of banks' utilization of electronic service technologies. ATMs have long been ubiquitous features of banks in general and of BOA in particular. They are not only cost and time effective, but are also appealing to clients in various ways and have developed through the years becoming increasingly sophisticated. ATMs nowadays can perform not only standard ATM transactions, but can also dispense multiple currency amounts, split deposits among accounts and accept checks without a deposit envelope (Saunders, 1992).

Both MAC Info (TM) and MAC PhoneTM are examples of two other technological systems that are popularly employed by many banks.

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MAC Info (TM) is an interactive video terminal that handles many routine platform functions, such as check reorders, stop payments and account statements. MAC PhoneTM, an automated telephone banking system, does a similar job by supplying customers access to their accounts, as well as sales information about bank products (ibid.)

Being as highly complex as it is, the BOA has developed a highly complex network of communications. In the forefront of this is its reputed grid deployment structure (Schneider, 2005). Grid deployment which now reaches several major international business units, such as in Chicago, London, New York, Tokyo, and Charlotte, links the various units together. The grid system consisted of over 3,000 engines during 2005 that ran application code for application tasks and another over 3,000 machines that are linked to the grid for nonproduction utilities. Each engine runs on a C+++ analytics package (Java-programmed) and can be accessed by developers from different countries via a standard application-program interface (API). Enabling this system to work is a behind -- the -- scene system of 'broker' software that manages task distribution and resource deployment, whilst a higher level another hierarchy of software controls automatic load equilibrium between the 'brokers'. The grid system is valuable in various ways not least that not only can local BOA units use slack capacity of computing resources in various BOA departments, but the grid also supplies excess computing capacity to BOA units across the globe.

It has been estimated that this grid development system saves BOA millions of dollars in hardware expenses aside from the fact that its hardware system is more reliable, there is simpler deployment of new hardware, and it proffers a standardized development structure. Traders and risk managers can get more work done and so the grid system is more than meeting the BOA technological expectations (Schneider, 2005).

One of the earliest….....

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