Digital by Design

Digital Edge Video (featuring Jonathan Aguallo)

“Why Every Company Must be a Fully Digital Enterprise”

Please read important information at the end of this program. Recorded on 3/28/2022

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Digital Edge

Why Every Company Must be a Fully Digital Enterprise with Jonathan Aguallo

Bank of America logo

 

Hi I’m Jonathan Aguallo, Digital Banking Executive for Global Commercial Banking at Bank of America.

 

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Jonathan Aguallo, Digital Executive Global Commercial Banking, Bank of America.

 

For all of the uncertainties it created, the pandemic clearly accelerated the pace of digital transformation and, there’s no going back.

 

While most companies adapted in real time, we’ve observed that leaders who pursued digital integration not as a separate initiative but as a top priority across and throughout their company adapted faster and more successfully to the challenges they faced.

 

For those leaders and companies, digital is now necessary to maintain relevancy and competitiveness.

 

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Digital is now necessary to maintain relevancy and competitiveness

So, why should digital transformation be top of mind for companies? In 2022, according to Forrester Research, 80 percent of consumers will see the world as “all digital, with no divide.”

 

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80% of consumers will see the world as “all digital, with no divide.”

 

In other words, they have moved beyond reluctance… to fully embracing digital and now expect their experiences to be seamless, continuous, and secure in most aspects of their daily lives. At Bank of America, we’ve seen this with our own customers.

 

In 2021, we experienced 10 billion digital logins—a new high, double-digit growth in mobile use, 75 percent of our Global Banking clients are engaging with digital to manage their businesses and more than 85 percent of small business clients are using digital to run their operations.

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·       10 billion digital logins

·       75% digital adoption

·       75% of Commercial Clients

·       85% of small business clients

As we all have faced unprecedented challenges we know that this accelerated pace of transformation isn’t easy but as a digital leader among financial services companies, we are built for this. As we are uniquely positioned to identify, relate to, and respond to the business needs of companies at every stage of their digital journey.

We’ve learned from countless interactions with customers that digital transformation must be met with discipline as you Integrate digital and physical capabilities across your organization educate and train employees on digital initiatives, and create a seamless experience for every customer and employee.

 

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Integrate digital and physical capabilities

Educate and train employees on digital initiatives

Create a seamless experiences

We believe the companies that enthusiastically embrace digital transformation will increase in relevancy and competitiveness.

Our new 2022 Digital Edge report can help you decide what and where to prioritize.

 

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Cover of Digital Edge ’22 report

 

You’ll find actionable insights on creating and executing an effective digital strategy, improving customer engagement, employing advanced technologies —and much more.

I hope you find the report useful and that you’ll reach out to us to discuss your digital strategy and learn how we can help.

 

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BofA logo card

 

[Disclaimer Card]:

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value

© 2022 Bank of America Corporation. All rights reserved.

Digital Edge Video Series 2022

“A case for digital transformation”

Please read important information at the end of this program. Recorded on 4/28/2022

 

[TITLE CARD]:

Digital Edge

A case for digital transformation

With Julie Harris

Bank of America logo

I’m Julie Harris with Bank of America and I’m the Chief Experience Officer for enterprise data, digital and marketing.

 

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Julie Harris, Enterprise Chief Experience Officer at Bank of America

The last few years have put a fine point on the importance of leveraging digital solutions in three key areas: Number one: stay relevant and competitive; number two: improve efficiency and number three: reduce risk

 

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·       Stay relevant and competitive

·       Improve efficiency

·       Reduce risk

In fact, I think it's fair to say that for many companies, the situation has become one where they must adapt to the new digital reality or else fall by the wayside. 

Yet convincing your stakeholders of the immediate need for digital investment, must be balanced with a long-term view and a plan for a smooth transition.

So, when it comes to making the case to your stakeholders about which digital initiatives should be prioritized, you may ask yourself where do I even start?

We at Bank of America have found that the key to securing support from stakeholders is to provide real-time data that focuses on improving the customer and the employee experience boosting operational efficiency, and attracting and retaining top talent

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·       Improving the customer and employee experience

·       Boosting operational efficiency

·       Attracting and retaining top talent

Part of making the case also involves outlining your top priorities and your approach to those priorities. And, given how valuable time and resources are, don’t bother with the latest whiz bang technology without deeply understanding: Your customer’s need and the impact to the business and then of course, how it aligns with the goals of your company.

 

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Prioritize Opportunities

·       Customer need

·       Impact to the business

·       Goal alignment

Customer insights based on hard data should be at the center of every business decision.

The ability to keep up and adapt is a key factor to successful digital initiatives.

And, stakeholders must be convinced of the importance of cultivating a culture of rapid response.  Innovative companies embrace rapid testing and learn to execute new capabilities, until the process delivers the right solution.  And with the ability for most companies to get customer feedback in real time, investing in an environment that supports rapid response has shown to solve long-term headaches.  When it comes to convincing stakeholders on the value of digital initiatives, buy-in has to come all the way from the top.  And to do their part, leaders must enthusiastically espouse that innovation is everyone’s priority. And it requires a full team of administrative, technology, risk, treasury, marketing, legal, all of your key partners, working together to discover new ways to solve for customer needs.

Getting everyone on board with a digital transformation, we know, is no simple task.

If you would like to learn more about how to make the case for digital at your company, see our report, DIGITAL EDGE 2022.

[Image on screen]:

Cover of Digital Edge ’22 report

 

[Image on screen]:

BofA logo card

 

[Disclaimer Card]:

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value

© 2022 Bank of America Corporation. All rights reserved.

Digital Edge Videos

“Treasurers: Data Protectors of the Digital Frontier”

Please read important information at the end of this program. Recorded on 3/14/2022

[TITLE CARD]:

Digital Edge

Treasurers: Data Protectors of the Digital Frontier with Joan Gelpi

 

Bank of America logo

I am Joan Gelpi, Head of Data & AI, Global Transaction Services at Bank of America

Risk, it comes in many forms for treasurers in all organizations. Whether it be foreign exchange, interest rates, credit or liquidity, managing all of the potential risk comes with the territory.   

But as data is created at a quantum pace, treasurers are now facing increased threats from cyber criminals.

More than 2.5 quintillion bytes of data are created every day.

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Joan Gelpi, Head of Data & AI, Global Transaction Services at Bank of America

And yes, while Big Data has been a boon for most businesses, it has definitely come with its own set of challenges.

 

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2,500,000,000,000,000,000 bytes of data every day

 

The problem? Cyber criminals are innovating too, and finding ways to exploit security gaps.

Treasurers must be vigilant and embrace intelligent data processes, advanced technologies, and investment in new skills training. Easier said than done, I know.

But staying ahead of cyber criminals is no longer just an IT problem. Data strategy needs to become a top priority for treasury management.

 

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·       Structured and unstructured data

·       Artificial intelligence

·       Machine learning

·       Natural language processing

Thanks to increased computing power, treasurers can access oceans of both structured and unstructured data in an instant.

With advanced data analytics and sophisticated tools like A.I., machine learning, and natural language processing, treasurers can now automatically detect patterns that point to fraud.

Together, these technologies can make Treasury Management Systems better at identifying anomalies in payment flows.

 

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·       Regression analysis is used to spot fraudulent credit card payments.

·       Natural language processing lets treasurers process non-structured data more effectively

 

 

For example:Regression analysis is used to spot fraudulent credit card payments.

 

And natural language processing lets treasurers process non-structured data more effectively.

However, even big organizations with treasury departments large enough to operate as data detectives need to upgrade their talent in two critical areas:

 

Data science and data-quality management.

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Data science … 

Data quality management

In both cases, treasury departments should focus on talent with data literacy, notions of statistics and technology experience. Why?

 

In order to fight fraud, today’s treasury departments must be skilled in. Compiling data sets and cross-referencing information to quickly identify trends.

 

In fact, all organizations should invest in both the treasury and IT departments. And have them work in tandem to develop data architecture and data engineering protocols, to form a universal data standard that benefits the entire company.

 

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Develop Data Architecture

Data Engineering Protocols

From Universal Data Standard

 

Managing data certainly presents a new set of challenges for treasury organizations, but not an impossible one to overcome.

 

 

 

[Image on screen]:

Cover of Digital Edge ’22 report

 

If you would like to learn about how digital transformation is impacting treasury departments, see our Digital Edge report. If you are curious as to how Bank of America can help call your Bank of America specialist. 

[Image on screen]:

Bank of America logo

 

[Disclaimer Card]:

 

Neither Bank of America nor its affiliates provide information security or information technology (IT) consulting services. This material is provided "as is,“ with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this material, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, quality and fitness for a particular purpose. This material should be regarded as general information on information security and IT considerations and is not intended to provide specific information security or IT advice nor is it any substitute for your own independent investigations. If you have questions regarding your particular IT system or information security concerns, please contact your IT or information security advisor.

 

 “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value

 

© 2022 Bank of America Corporation. All rights reserved.