Collaborative Consultancy Report on Bank of America Corp

This report provides solutions for the problems related to technology use in Bank of America. It includes problem diagnosis, action planning, and implementation of a new security system.

Running head: COLLABORATIVE CONSULTANCY REPORT
Collaborative Consultancy Report on Bank of America Corp
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1COLLABORATIVE CONSULTANCY REPORT
Table of Contents
Introduction................................................................................................................................2
Current State of Company and Organizational Needs...............................................................2
Phases of Consultancy Process Followed for Bank of America Corp.......................................3
Entry.......................................................................................................................................3
Diagnosis................................................................................................................................4
Action Planning......................................................................................................................5
Implementation......................................................................................................................6
Termination............................................................................................................................7
Conclusion..................................................................................................................................7
References..................................................................................................................................9

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Introduction
Bank of America is positioned among the leading banks in US that serves as a
financial institution and serves individual customers, small and middle market businesses
along ith large companies (Bankofamerica.com., 2018). The bank also has a wide range of
banking services, investing, asset management as well as other financial and risk
management services and products. The bank is dealing with issues related with the
technology of handling big data. Considering the same, problem diagnosis is required to be
followed in consulting with the clients those deal with such issue and these clients are
observed to be the managers of the bank (Borrell-Damian, Morais & Smith, 2014).
Current State of Company and Organizational Needs
The Bank of America in US is deemed to have a global focus and a clear focus on
making financial decisions that can implement the strategy of responsible growth that
encompass a focus on social, environmental and governance leadership (Buckley, Burton &
Mirza, 2016). The current state of this and indicates that it the bank is making great moves
towards use of big data technology and artificial intelligence took ideas that can improve the
performance of banks. This is because of the technology-based issue faced by the bank in
analysing large data amounts generated through internet connected devices. Focussed on such
issue the organizational need is observed to be implementing artificial intelligence
technology in following future big data analysis trends (Eicker & Weeks, 2014).

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Phases of Consultancy Process Followed for Bank of America Corp
Entry
Opinion regarding the issue was taken from the managers of Bank of America based
on which diagnosis of the identified issue was considered. Proposals of the assignment
solutions are offered to these managers for offering better consultation regarding technology
advancement in the bank (Klievink, Bharosa & Tan, 2016). Bank of America is observed to
face issues regarding analysis and managing big data that is observed to have dramatic
ramifications for the market and businesses. Such problem is deemed to be diagnosed for the
reason that the bank operates its business in an exponential age in which ubiquitous
connectivity as well as decreasing expense are resulting in digitization and datafication of
numerous activities. The problem regarding implementing competitive technological

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advancements in Bank of America is deemed to be diagnosed through implementing big data
use and increasing use of artificial intelligence in managing such data such as automated
intelligence (Kolk & Lenfant, 2015). Views were gathered from Cathy Besant belonging to
Bank of America regarding the effectiveness of the banking operations. She responded that
diagnosis of this problem is best possible through developing technology models that can
enhance decision making through algorithmic and automated process. Problem diagnosis
involves making considerable investments within new high-tech solutions and capabilities
that is for advancing consumers financial services by Bank of America.
Diagnosis
Purpose analysis is carried out based on the Bank of America’s technology
implementation problem (Maylor, Blackmon & Huemann, 2016). The bank is failing to
remain competitive in implementing advanced technology for its banking operations in
comparison to its major competitor JP Morgan. The purpose of such problem diagnosis is for
the reason that high tech and high-touch approach and this can facilitate the bank in
addressing financial needs all through their lifetime and offer exceptional consumer care.
Problem analysis for Bank of America is carried out in observing the ways in the bank can
offer technology based commercial and business banking. Interactive tools, digital experts
and technology bars. The bank is also observed to face problems regarding the field of
technological areas in developing competitive technological strategies such as digital
mortgage experience, mobile car shopping tool and Merrill edge (Miozzo, Desyllas, Lee &
Miles, 2016). The integrated shopping as well as financing experience is not facilitating the
users to attain retail auto loan applications that are now opened digitally. Bank of America
did not make enough effort to improve the financial capabilities and implemented an industry
leading digital lending experience for consumers so that they can apply for credit line or
business advantage term loan. Bank of America has also made less effort in expanding its

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leading wealth management platform through digital as well as financial centres. Based on
such concerns, the technology of banking operations is deemed to be enhanced through
improving the big data storage as this cannot be managed by standard database management
tools (Muhammad, Ibrahim, Bhatti & Waqas, 2014).
Action Planning
Several solutions are developed to deal with the technology-based problem faced by
the Bank of America. Several solution alternatives are developed for this bank of United
States in offering technologically advanced services to all its consumers. The bank requires to
change its operating model along with harmonising data to attain a particular viewpoint
(Muratovski, 2015).
Another alternative solution for Bank of America is to collaborate with Intel Online
Connect technology within its online banking platform that can offer its consumers with high
security when they decide to bank online. Such security feature is necessary to be
implemented within the process of online banking authentication and will be the first
financial service offering bank that is technologically advanced that offer superior services to
consumers (Sekaran & Bougie, 2016). The new solution will include combining Intel Online
Connect and Intel Software Guard Extensions technology that are available on 7th and 8th
Generation Intel Core Processors with the authentication system of Bank of America in order
to offer an effortless experience that enhances security of the consumers in protecting their
passwords.
Another solution for the Bank of America is that the bank must collaborate with other
software developing teams simplify and secure the personal computing experience for the
consumers (Vaughan & Daverio, 2016). This technology will require setting up effective

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biometric data and is stored only on user device and not on the cloud or public server that
offers additional security to the consumers.
Implementation
The steps involved in implementing the security system in Bank of America include
the following series of steps:
Determining and evaluating IT assets:
For this, three types of assets need to be identified, which include physical,
information and people. The physical category includes software resources and computer
hardware, building facilities and resources utilised for housing sensitive assets (Vaughan &
Daverio, 2016). The information category comprises of the sensitive data in relation to
business operations, strategies and plans.
Analysing risk:
Initially, an organisation does not have adequate resources in securing the overall
asset base fully. Hence, Bank of America needs to identify all the risks and accordingly, the
risks to be accepted or eliminated are to be determined.
Defining security practices:
The various areas of security management need to be defined. These areas constitute
of asset categorisation practices, risk evaluation and acceptance, asset ownership and aaset
handling responsibilities.
Implementing security practices:
The implementation of security practices could be carried out in four stages, which
include department, location, business function or activity and people (Vaughan & Daverio,
2016).

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Monitoring violations and undertaking appropriate measures:
In this section, Bank of America needs to undertake certain measures like selecting
the individuals to handle the asset, providing authentication to the asset users along with
restricting access to the allowed activities.
Termination
Implementation of the technology of new security system in Bank of America will be
conducted after evaluation of several alternative solutions mentioned above. The evaluation
of the selected technology on improving security systems of the bank will be considered and
the consultancy process will be terminated after successful implementation of such
technology (Miozzo, Desyllas, Lee & Miles, 2016). Evaluation of new Intel based security
system is conducted through analysing whether machine learning technology is operating
properly after implementation of such solution. Evaluation of this technology implementation
in Bank of America will be done through analysing the efficiency of automation of the
routine process for capturing and interpreting the present technology in processing a
transaction or communicating with other digital systems within the bank (Miozzo, Desyllas,
Lee & Miles, 2016). Evaluation of the implemented Intel based security system in online
banking process of Bank of America can also be conducted through analysing repetitive
tasks. Through this technology implementation the bank can attain efficient automation of
intelligent process and facilitates accurate and continuous processing of data n the bank.
Conclusion
The current paper will focus on preparing a consultancy report for Bank of America
for revealing solutions for the problems related with its technology use in the bank. Problem
diagnosis is required to be followed in consulting with the clients those deal with such issue
and these clients are observed to be the managers of the bank. It was gathered from the paper

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that the current state of this and indicates that it the bank is making great moves towards use
of big data technology and artificial intelligence took ideas that can improve the performance
of banks. An alternative solution for Bank of America is developed to collaborate with Intel
Online Connect technology within its online banking platform that can offer its consumers
with high security when they decide to bank online.

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References
Bankofamerica.com. (2018). Bank of America - Banking, Credit Cards, Home Loans and
Auto Loans. Bank of America. Retrieved 7 June 2018, from
https://www.bankofamerica.com/
Borrell-Damian, L., Morais, R., & Smith, J. H. (2014). University-business Collaborative
Research: goals, outcomes and new assessment tools The EUIMA Collaborative
Research Project Report. Google Scholar.
Buckley, P. J., Burton, F., & Mirza, H. (Eds.). (2016). The strategy and organization of
international business. Springer.
Eicker, U., & Weeks, R. (2014, July). Building information modelling as an information
management tool: A South African perspective for contractors who take on design
responsibility. In Management of Engineering & Technology (PICMET), 2014
Portland International Conference on (pp. 1770-1776). IEEE.
Klievink, B., Bharosa, N., & Tan, Y. H. (2016). The collaborative realization of public values
and business goals: Governance and infrastructure of public–private information
platforms. Government Information Quarterly, 33(1), 67-79.
Kolk, A., & Lenfant, F. (2015). Cross-sector collaboration, institutional gaps, and fragility:
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Public Policy & Marketing, 34(2), 287-303.
Maylor, H., Blackmon, K., & Huemann, M. (2016). Researching business and management.
Palgrave.

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Miozzo, M., Desyllas, P., Lee, H. F., & Miles, I. (2016). Innovation collaboration and
appropriability by knowledge-intensive business services firms. Research
Policy, 45(7), 1337-1351.
Muhammad, G., Ibrahim, J., Bhatti, Z., & Waqas, A. (2014). Business intelligence as a
knowledge management tool in providing financial consultancy services. American
Journal of Information Systems, 2(2), 26-32.
Muratovski, G. (2015). Paradigm shift: Report on the new role of design in business and
society. She Ji: The Journal of Design, Economics, and Innovation, 1(2), 118-139.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach.
John Wiley & Sons.
Vaughan, R., & Daverio, R. (2016). Assessing the size and presence of the collaborative
economy in Europe. PwC UK, impulse paper for the European Commission