Bank Of America Merrill Lynch is in the midst of sweeping digital transformation involving all aspects of its customer-facing operations. InformationWeek spoke with several of the company’s technology executives to find out where IT fits in its evolving technology roadmap.
The most basic form of competitive analysis is to examine what other companies in your field are doing to meet the needs of customers. While that effort certainly remains relevant, when it comes to online and mobile experiences it’s important to remember that your customers are likely comparing your offerings to those of digital-first organizations operating in completely different industries.
This is top of mind for technology professionals at Bank of America Merrill Lynch (BofAML), which has tripled its digital budget in 2016. “Our customers don’t benchmark us against banks,” said Hari Gopalkrishnan, CIO of client-facing platform technology, in an interview with InformationWeek. “They benchmark us against Uber and Amazon.”
The challenge for financial services organizations — and, really, for any large enterprise with roots in what we’ll call “traditional” business models — is striking the right balance between low-touch, automated, digital customer experiences and high-touch, human-centered relationships that can, potentially, last a lifetime.