Interview, Fireside Chat
Bank of America tech exec talks to Institutional Investor
- The company is executing a long-term strategy to consolidate its consumer and small business operations onto a single core banking platform across the United States, a goal set 15 years ago that aims to create a modern, adaptable foundation capable of supporting technology for the next 15 years.
- Geographic consolidation activities were completed over the last 12 months, including the fourth-quarter merger of Northwest platforms into the U.S. system and the May completion of the California transition, which involved 1.3 million hours of coding for 10 million customers and 19.5 million accounts across two weekends.
- To eliminate non-standard products, the organization is retiring 110 applications specifically within the California transition and plans to fully replace legacy platforms built on 30-year-old technology while rebuilding systems in the mid-range of their lifecycle that remain commercially viable.
- Expected outcomes of these structural changes include enhanced customer capabilities to purchase more products and the creation of a simple, modern state that supports contemporary technology application.
- Strategic investments are being directed toward artificial intelligence to commercialize data and massive analytics for modeling, alongside a significant mobility initiative designed to leapfrog capabilities for the next generation of clients.
- Information security capabilities are targeted to remain ahead of cutting-edge attackers, while the organization is remaking its cost curve to sustain development in a narrow-margin marketplace through efficient value creation.
- Talent acquisition will prioritize problem-solving and adaptability to future technological shifts rather than specific current programming languages like Python.