Bank of america and technology based on essay

Bank, Wikileaks, Unites states, America

Excerpt from Essay:

Lender of America and Technology.

Based on encounter, give examples of how administration at your organization expects technology to improve business. Discuss how your industry’s current technology is appointment or not satisfying business needs.

The Bank of America (BOA), the country’s premier traditional bank and one of many premier banking institutions in the world, is highly dependent on technology for meeting its business needs. On handful of occassions can it find by itself being disappointed. Most times, this finds technology meeting their neeeds.

Around the simple level, BOA uses its computers to store customer account information about its computers as well as utilizing accounting application. Computers are usually invaluable to get number crunching accurately solving inordinately complicated equations in seconds. The lender also uses computers intended for user identifications, aside from which in turn computers, applied as network, connect the many BOA units and their consumers so that each one is kept in instant and effective inter-communications and are conscious of development along the BOA the front. In this way, as well, technology enables the BOA to better and more reliably support its client as well as keeping each of its models informed regarding various appropriate developments. Computer technology, in short, features enabled financial institutions to downsize equipment, website link personal computers to the institution’s principal system, and permit local finalizing of ventures.

Automated teller machines (ATMs), introduced in the 1970s, are one other instance of banks’ utilization of electronic services technologies. ATMs have long been all-pervasive features of banks in general associated with BOA particularly. They are not only expense and period effective, tend to be also attractive to clients in numerous ways and possess developed through the years becoming increasingly superior. ATMs today can perform not simply standard CREDIT transactions, yet can also dispense multiple forex amounts, divide deposits among accounts and accept inspections without a put in envelope (Saunders, 1992).

Both equally MAC Details (TM) and MAC PhoneTM are examples of two various other technological devices that are commonly employed by many banks. MAC Facts (TM) can be an fun video port that handles many regimen platform functions, such as examine reorders, quit payments and account claims. MAC PhoneTM, an automated cell phone banking program, does a identical job simply by supplying consumers access to their accounts, as well as sales info on bank items (ibid. )

Being since highly intricate as it is, the BOA has evolved a highly intricate network of communications. Inside the forefront on this is it is reputed main grid deployment composition (Schneider, 2005). Grid application which at this point reaches several major international sections, such as in Chicago, London, New York, Tokyo, and Charlotte, links the different units with each other. The main grid system contained over 3, 000 machines during 2006 that went application code for software tasks and another more than 3, 1000 machines which might be linked to the grid for nonproduction utilities. Each engine runs on a C+++ analytics deal (Java-programmed) and can be accessed simply by developers from different countries via a common application-program interface (API). Allowing this system to work is actually a behind – the – scene approach to ‘broker’ software that manages task division and source deployment, even though a higher level one other hierarchy society controls automated load sense of balance between the ‘brokers’. The main grid system is valuable in various ways not least that not only may local BOA units employ slack capacity of computing resources in various BOA departments, but the grid also items excess calculating capacity to BOA units throughout the world.

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

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