Bank of America Chooses the Microsoft Cloud to
Support Digital Transformation
As part of its digital transformation, Bank of America is turning to the Microsoft Cloud to help deliver new business efficiencies, support digital culture change and better meet customer needs.
"Technology is increasingly providing a competitive advantage to
financial services firms looking to thrive in the digital economy," said
Judson Althoff, executive vice president, Worldwide Commercial Business, Microsoft Corp.
"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."
Bank of America will take advantage of the combined power of the Microsoft
Cloud for business transformation. Microsoft Office 365 will provide
modern, cloud-based productivity and collaboration tools to some of the
bank's 200,000 employees. The firm will also utilize Microsoft Azure, capitalizing on the scale, economics and intelligent capabilities of the platform and services.
"We are aggressively modernizing our technology infrastructure to
enable current and future growth across all our lines of business," said
Howard Boville, chief technology officer at Bank of America. "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."
Microsoft's Financial Services Compliance program — a unique program that allows firms and regulators to deeply examine Microsoft cloud systems, services and processes — provides transparency into Microsoft cloud operations. This helps ensure Microsoft has taken the proper steps to secure data and mitigate risk. In addition, Microsoft's
industry-leading compliance portfolio assists financial institutions
move to the cloud while meeting current compliance requirements, as well
as plan for future regulations like the General Data Protection
Regulation.
Microsoft
continues to see strong cloud adoption from the financial services
industry, with more than 80 percent of the world's largest banks and
more than 75 percent of the global systemically important financial
institutions using Azure. This represents the highest bar for legal,
compliance, security and acquisitions teams.
Source: Microsoft media announcement