Bank of America: reporting success
The Client
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.
The company provides unmatched convenience in the United States, serving 33 million consumer relationships with 5,700 retail banking offices, more than 16,000 ATMs and award-winning online banking with more than eleven million active users.
Bank of America is the No. 1 Small Business Administration Lender in the United States. The company serves clients in 150 countries and has relationships with 96 percent of the U.S. Fortune 500 companies and 82 percent of the Global Fortune 500. Bank of America Corporation is listed on the New York Stock Exchange.
Project Deployment Summary:
BoA was using a package called Microbank to deliver reporting capabilities through the Web. Microbank would harvest data from paper-based transaction records and render HTML pages, which could be used to view the data online. The system frequently failed to complete the creation of reports within the 6.5-hour window and was also burdensome to administer.
With the new e-Business Solution, BoA brought in the entire burden of delivering information i.e., statements & reports was off loaded to the web based information delivery server. Statements & reports were processed for web viewing & batch printing in 5 hours.
Inbuilt caching facilities provided content at web speed to business users. All the trading & transaction data was available as historical trends as well as upto date.
The Challenges
- To allow Bank of America Securities' customers to access information about their trades and transactions on daily basis.
- To enable brokers to keep their clients more up-to-date on a daily basis.
- To enable the end-user clients to have direct access to daily information.
- The ability to complete creating the reports within the narrow overnight window.
- Seamlessly integrating the reporting interface with the rest of the e.Business site
Business Benefits, Technical Differentiators
Improved customer service, as the system provided all the trading & transaction data online to the account managers. Better turnaround time for generating and delivering statements to customers. Increased customer loyalty, as the customers received accurate information on demand.