Bank of America

3692 Words May 20th, 2013 15 Pages
Bank of America

IS enhances business strategy:
The world is a rapidly changing canvas that visits a dynamic and turbulent environment on senior managers changing how Information Systems (IS) are used and needed in each organization. The power to collect, assess, and disseminate information is a valuable strategic resource that any organization can use to improve its competitive advantage. At the same time, technological advances are changing rapidly, thus requiring frequent updates in hardware and software as well as new competencies for IS professionals. As strategic managers face the challenges of optimizing the use of information systems, they are called to address a number of issues so they can make informed and effective
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Bank of America found that its attrition rate for retail customers that have two or more products with the bank averages only 1%. This compares to a 12.5% attrition rate for retail customers with only one product with the bank. Bank of America also pledged no further acquisitions and will focus its efforts on execution as its recent acquisitions become fully integrated into the company. The bank also sees an opportunity to grow its non-U.S. revenues, as it has only 13% of its revenues outside the United States. This is fairly low compared to many of its peers. In 2010, Citigroup had 44% of its managed revenues from what the bank considers to be emerging markets. * Nature and management of IS and relevance of IS to business:
At Bank of America, you can access and interact with the comprehensive information and capabilities you need through your choice of channels, including web, file and mobile. You can more efficiently manage multiple accounts, entities and bank relationships, with greater automation, on your terms. From information reporting to file access and much more, discover the integrated, multichannel connectivity that 's designed to connect your business across markets.
Electronic Bank Account Management (eBAM): Automate and standardize a variety of tasks—from opening, closing and maintenance of legal entities and bank accounts, to adding

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