Microsoft today announced that Bank of America, the second-largest U.S. bank has selected Microsoft Cloud for its digital transformation project. Bank of America will take advantage of Microsoft’s cloud products and services like Azure and Office 365 to deliver new business efficiencies and drive digital culture change. BoA will migrate its 200,000 employees to Office 365 for modern productivity and collaboration tools and use Azure for intelligent capabilities in the cloud.
“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,” said Howard Boville, chief technology officer at Bank of America.
“Technology is increasingly providing a competitive advantage to financial services firms looking to thrive in the digital economy,” said Judson Althoff, executive vice president, Worldwide Commercial Business, Microsoft Corp. “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.”
Apart from the capabilities of Azure and Office 365, Microsoft has something called Financial Services Compliance program that allows financial firms and regulators to examine Microsoft cloud systems, services and processes to provide transparency into Microsoft cloud operations. Microsoft today also highlighted that more than 80 percent of the world’s largest banks and more than 75 percent of the global important financial institutions are now using Azure.