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 atomic number 18 now spending huge amounts of money in engineering science .This money is being spent not only to update and maintain their IT infrastructure but besides to keep ahead of the competition by being the first to submit 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 than on their virtual infrastructure than on their physical infrastructure to compete. IT has provided many custom made and morose the shelf solutions to take care of their accounting and back office needs. IT has also helped in the development of bracing channels of reaching out to the customer such as auto teller machines, net banking, wide awake banking and various other facilities. Some examples of technology products which are used by banks to provide service to its customers are net banking , credit card online , mobile banking , electronic money transfer , online payment of taxes , mobile recharges , airway ticket booking etc. The list of services being provided by banks to its online customers is endless. depository financial institution of America society as a financial services company is the largest bank holding company in ground forces 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 regeneration that it has pioneered. It was one of the first banks to deploy branch offices of the pare nt bank in many locations all crosswise the nation. But cashing a cheuque in a different location was a cumbersome process for the customers