Today technology plays a big part in every aspect of life, especially in the corporate world. In the article Bank of America’s Digital Transformation: Where IT Fits In , the author talks about how most banks, especially Bank of America Merrill Lynch are in the midst of becoming more technology integrated. The article was particularly interesting because it points out that in business it is often hard to find a balance between digital, automated processes and customer experiences versus human centered relationships. Although the world is definitely turning into one that is more technologically dependent, human interaction will always be important.
So as Bank of America moves towards a digital transformation, they recognize that there is a lot of change in infrastructure and the way they handle the data they are dealing with. In class we learned that it is important to recognize that each piece of data has a certain level of importance. I think in the case of a bank most of the information they are dealing with is important such as customer name, social security numbers, account numbers, etc. In Bank of America’s case they are trying to integrate a cloud service; however instead of using an outside service such as Google Cloud or Amazon, they are developing their own. I found this very interesting because Bank of America is not a technology firm, they have a very limited knowledge on how the cloud service works and how data should be handled. Although the article states that it is much cheaper for Bank of America to implement their own cloud service I can see there being issues with the privacy of the data and making sure that everything is being handled correctly. The article Cloud Adoption Soars But Integration Challenges Remain on the CIO states, “With approximately 90 percent of businesses using the cloud in some fashion, it's safe to say the technology has become a mainstay in IT. But challenges remain beyond the initial integration.” The article also states that companies are no longer using clouds for just marketing or CRM but instead for valuable data. I think that as Bank of America continues to improve its IT and cloud services it is important for them to store the data correctly.
In addition to that Bank of America is also modernizing its data platforms to enable accurate and fast decisions that will help increase revenue, reduce risk and deepen customer relationships. As Bank of America moves towards making 80% of its workload more automated I think it is also important to recognize that they will need more technological infrastructure to do so. Although it is definitely much easier to use computers and automate processes instead of using manual labor, I think that the cost and risks will definitely increase as technology develops.