Bank of America’s CTO Will Spend $600 Million on IT Security

Bank of Americas CTO Will Spend 600 Million on IT Security
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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. As a major aspect of its digital transformation, Bank of America is changing to Microsoft Cloud to help convey new business efficiencies, support advanced culture change and better address client issues.

“Technology is increasingly providing a competitive advantage to financial services firms looking to thrive in the digital economy,” said Judson Althoff, executive vice president of worldwide commercial business at Microsoft. “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 use the consolidated energy of the Microsoft Cloud for business revolution. Microsoft Office 365 will give the latest cloud-based efficiency and alliance tools to a portion of the bank’s 200,000 representatives. The firm will also use Microsoft Azure, gaining by the scale, financial aspects and intelligent and smart capacities of the platform and its overhauls.

“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 one-of-a-kind program that enables organizations and regulators to profoundly analyze Microsoft cloud frameworks, services and procedures, gives precision to Microsoft cloud operations. This guarantees Microsoft has found a way to secure information and mitigate any risks. Microsoft keeps on observing solid cloud appropriation from the finance related administrations industry, with more than 80 percent of the world’s biggest banks and more than 75 percent of the worldwide foundationally imperative budgetary organizations utilizing Azure. This speaks to the most astounding bar for legitimate, consistence, security and acquisitions groups.


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Kashish Ambekar
Kashish Ambekar
Kashish moved to UAE from London after graduating from UEL in Masters of Business Administration specialising in Finance. Money smelt good although tipping in rubies was a forte in Dubai which he couldn’t afford let alone implement. India happened naturally by birth and the ever developing market proved no bounds in almost every Industry. The Art of writing came naturally to him, short stories to professional articles in lieu of being therapeutic once, to a full time content writer. Currently he works for XDBS as a senior business development manager and is extremely devoted as much as his thoughts have found a way to be penned for technology in support to TechFunnel.com.

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