Tuesday, October 17, 2017

Bank of America banks on Microsoft for cloud services

online banking

Some of the bank’s 200,000 employees set to be included in the bank’s digital transformation roadmap built in the cloud.

Charlotte-based Bank of America has tapped into the Microsoft Cloud to help further its digital transformation roadmap.

The financial organisation is to use Office 365 with the aim to provide cloud-based productivity and collaboration tools to some of the bank’s 200,000 employees.

The firm will also utilise Microsoft Azure, capitalising on the scale of the platform and services.

Microsoft’s Financial Services Compliance program, designed to allow organisations and regulators to examine Microsoft cloud systems, services and processes, will also be used in order to provide transparency into Microsoft cloud operations.

Future-proofing for GDPR and mitigate risks associated with data, Microsoft’s compliance portfolio also assists financial institutions when moving to the cloud meeting compliance requirements.

According to Microsoft, more than 80% of the world’s largest banks and more than 75% of the global systemically important financial institutions are today using Azure.

Judson Althoff, executive vice president, Worldwide Commercial Business, Microsoft Corp, said: “Technology is increasingly providing a competitive advantage to financial services firms looking to thrive in the digital economy.

“Bank of America is taking a very strategic approach to cloud, looking at technology as a means to drive change and open up new business opportunities. With Microsoft Office 365 and Azure, the firm will have access to the breadth and depth of our cloud capabilities, underscored by Microsoft’s investments in security, transparency and regulatory compliance.”

Howard Boville, chief technology officer at Bank of America, said: “We are aggressively modernizing our technology infrastructure to enable current and future growth across all our lines of business.

“Our agreement with Microsoft aligns to our target of delivering 80 percent of our technology workloads on virtual platforms within the next several years, further establishing Bank of America as a digital leader in financial services.”