IT's Impact on Bank of America's Online Banking Services Report

This report examines the role of Information Technology (IT) in Bank of America's online banking services. It highlights how IT enables efficient and cost-effective service delivery, providing customers with quick access to accounts, bill payment, fund transfers, and spending tracking. The analysis focuses on the impact of online banking on the bank's strategic and operational models, emphasizing the benefits for both consumer and corporate customers, such as 24-hour access, real-time information, fraud minimization, and planning tools. The report details the IT infrastructure, including servers, database systems, and firewalls, and recommends measures to enhance the security of online banking, such as using secure computer systems and installing firewalls. The study references various sources to support its findings and concludes with the importance of continuous security measures by both the bank and its users to ensure the integrity of online banking services.

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Table of Contents
Introduction................................................................................................................................2
Analysis......................................................................................................................................2
Recommendations......................................................................................................................3
Reference List............................................................................................................................4

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Introduction
In today’s competitive business environment, various companies are using technology
to offer their products and services in an efficient and cost-effective way and information
technology is now a competitive tool for these companies to best serve their customers by
greatly responsive to needs (Kane et al, 2015). This research is about the online banking
service of Bank of America that let customers to quick access to their accounts, easily pay
bills and transfer funds and track spending. The objective of the research is to identify how
Information Technology (IT) has enabled effective online banking of Bank of America.
Analysis
Online banking service is one of the ground breaking offerings of a bank that would
not only improve the bank capabilities in terms of services but also has created a possibility
to change in the strategic and operational business models of the banks (Dauda & Lee, 2015).
The core of this service is to offer more value and convenience to the customer as well as
save the time and labour of the bank. While using online banking services of Bank of
America, customers (both consumer and corporate) are driving the technology needs of banks
as it offers them various benefits such as 24-hour access to the account, real time information,
minimisation of frauds, planning tools and faster account balancing (bankofamerica.com,
2020).
In the online banking system, various personal computers of the bank are connected
with the network services providers and IT devices to the host computer of the bank where
any request made by the customer for its online banking service processed automatically
without any needs for intervention by a customer service representative of the bank
(Montazemi & Qahri-Saremi, 2015). In relation with IT technology, the bank system is
integrated with the host computer system of the bank that with the help of various IT
technology such as servers, systems, machines, routers and devices, help in transmitting the
baking request to a host computer over the network while recognising the type of customer
online banking request received. Each of the request placed by customer has a different
attribute processed by the automated system. Some of the more common IT technologies
used in online banking services include – online servers, database systems and firewalls.

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Hence, evolution of technological development helped Bank of America and institutions to
implement various IT technologies in best possible way and raise customer experience
distinctly.
Recommendations
Technology changes the way one lives and some of it already introduced and
implanted. IT technology used in online banking is very secure and like Bank of America has
its own IT infrastructure for developing and managing and IT services. However, users also
must contribute to make secure their online banking service and it can be achieved with using
of safe and secure computer systems, installation of genuine protection and firewalls,
manually entering the bank related information and checking the accounting system on the
constant basis. Bank of America is one of the leading American multinational investment
bank offering its products and services in several countries and they also have a much
secured IT infrastructure.

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Reference List
bankofamerica.com. (2020). View questions about. Retrieved from
https://www.bankofamerica.com/online-banking/online-banking-services-faqs/
Dauda, S. Y., & Lee, J. (2015). Technology adoption: A conjoint analysis of consumers׳
preference on future online banking services. Information Systems, 53, 1-15.
Kane, G. C., Palmer, D., Phillips, A. N., & Kiron, D. (2015). Is your business ready for a
digital future?. MIT Sloan management review, 56(4), 37.
Montazemi, A. R., & Qahri-Saremi, H. (2015). Factors affecting adoption of online banking:
A meta-analytic structural equation modeling study. Information &
Management, 52(2), 210-226.