Bank of America

Topics: Bank, Financial services, Banking Pages: 10 (3677 words) Published: May 4, 2013
Bank of America

IS enhances business strategy:
The world is a rapidly changing canvas that visits a dynamic and turbulent environment on senior managers changing how Information Systems (IS) are used and needed in each organization. The power to collect, assess, and disseminate information is a valuable strategic resource that any organization can use to improve its competitive advantage. At the same time, technological advances are changing rapidly, thus requiring frequent updates in hardware and software as well as new competencies for IS professionals. As strategic managers face the challenges of optimizing the use of information systems, they are called to address a number of issues so they can make informed and effective decisions. A failure to understand the nature of the changing environment and the associated consequences is certain to cause decision-making that is slow to meet the challenges of the global market, thus creating a strategic disadvantage for the late mover. Managers must not only understand the role of IS in corporate governance and corporate strategy formulation, but how the accepted norms of this role are changing over time. This focus of this work is not on areas where IS have been extensively applied, such as accounting or finance, but in relation to areas where it has seen increasing applicability such as legal, marketing, HR and corporate governance. This summary touches on key issues related to these changing roles for senior practitioners involved in corporate governance and senior-level strategic planning.

Bank of America:
Bank of America Corporation, through its subsidiaries, provides various banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, corporations, and governments in the United States and internationally. The company’s Consumer & Business Banking segment offers traditional and money market savings accounts, CDs and IRAs, checking accounts, and investment accounts and products, as well as credit and debit cards; and lending related products and services, working capital management, and treasury solutions. This segment provides its products and services through operating 5,500 banking centers, 16,300 ATMs, call centers, and online and mobile banking platforms. Its Consumer Real Estate Services segment offers consumer real estate products comprising fixed and adjustable-rate first-lien mortgage loans for home purchase and refinancing needs, home equity lines of credit, and home equity loans. The company’s Global Banking segment provides various commercial loans, leases, commitment facilities, trade finance, real estate and asset-based loans, and consumer loans; treasury management, foreign exchange, and short-term investing options; and debt and equity underwriting and distribution, and merger-related and other advisory services. Its Global Markets segment offers sales and trading services for securities and derivative products in primary and secondary markets; market-making, financing, securities clearing, settlement, and custody services to institutional investor clients; and risk management products. The company’s Global Wealth & Investment Management segment provides investment and brokerage, estate and financial planning, fiduciary portfolio management, cash and liability management, and specialty asset management services; and retirement and benefit plan, philanthropic management, and asset management services. The company was founded in 1874 and is based in Charlotte, North Carolina. * Business Strategy:

During its latest analyst meeting, Bank of America highlighted the value of its brand and distribution network, and described how it would use these assets to create shareholder value going forward. This franchise was built over the years through many acquisitions, including the recent purchases of Countrywide Financial and Merrill Lynch. Bank of America plans to use this...

Cited: 4. Information technology in the banking sector: opportunities, threats and strategies, Hassan Ghaziri, 1998
6. Bank of America Corporation, New York Time, 2011
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