BANK OF AMERICA TECHNOLOGY (ATM, ONLINE BANKING, ALL TECHNOLOGY Essay

BANK OF AMERICA TECHNOLOGY (ATM, ONLINE BANKING, ALL TECHNOLOGY ASPECTS) - Essay Example (Frguson, 2000).Many banks are now spending huge amounts of money in technology .This money is being spent not only to update and maintain their IT infrastructure but also to keep ahead of the competition by being the first to provide the latest technologies. Some of the technologies provide ease and convenience to the customers and others help the banks to reduce their overheads and thus save money which was usually spent on physical infrastructure. Technology is also allowing small banks to compete with big established banks as they rely more on their virtual infrastructure than on their physical infrastructure to compete. IT has provided many custom made and off the shelf solutions to take care of their accounting and back office needs. IT has also helped in the development of new channels of reaching out to the customer such as auto teller machines, net banking, mobile banking and various other facilities. Some examples of technology products which are used by banks to provide se rvice to its customers are net banking , credit card online , mobile banking , electronic money transfer , online payment of taxes , mobile recharges , airline ticket booking etc. The list of services being provided by banks to its online customers is endless. Bank of America Corporation as a financial services company is the largest bank holding company in USA by assets and second largest by market capitalization. (Federal Financial Institutions Examination Council, 2009).It was founded in 1874 and was initially known as Nations bank .Its current name was assumed after the acquisition of a San-Francisco bank named as Bank of America. The need of information technology in Bank of America was felt due to another revolution that it has pioneered. It was one of the first banks to deploy branch offices of the parent bank in many locations all across the nation. But cashing a cheuque in a different location was a cumbersome process for the customers