REDMOND, Wash., Oct. 2, 2017 /PRNewswire/ -- 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.
About Bank of America
Bank of America is one of the
world's leading financial institutions, serving individual
consumers, small and middle-market businesses and large
corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in
the United States, serving
approximately 47 million consumer and small business relationships
with approximately 4,600 retail financial centers, approximately
15,900 ATMs, and award-winning digital banking with approximately
35 million active users and more than 22 million mobile users. Bank
of America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of
Columbia, the U.S. Virgin
Islands, Puerto Rico and
more than 35 countries. Bank of America Corporation stock (NYSE:
BAC) is listed on the New York Stock Exchange.
About Microsoft
Microsoft (Nasdaq "MSFT" @Microsoft)
is the leading platform and productivity company for the
mobile-first, cloud-first world, and its mission is to empower
every person and every organization on the planet to achieve
more.
Note to editors: For more information, news and
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http://news.microsoft.com/microsoft-public-relations-contacts.
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SOURCE Microsoft Corp.