Bank of America Named Winner of Three Awards for Superior Technology
AFTA Honors Bank With Most Awards of Any Financial Institution
During an awards ceremony recently in New York City, Bank of America received three American Financial Technology Awards (AFTAs), the most for any financial institution this year.
Hosted by Waters magazine and WatersTechnology.com, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.
Bank of America won for Most Cutting-Edge IT Initiative, Best Mobile Strategy Initiative, and Best Compliance Initiative.
Most Cutting-Edge IT Initiative: Bank of America’s Predictive Intelligence Analytics Machine (BofA PRIAMTM) ‒ a product that predicts not only the institutional buyers most likely to participate in a deal, but also more unique “high-signal” investors, which helps find additional demand for our clients’ transactions. It’s believed to be the first investor demand predictor for capital markets transactions.
Best Mobile Strategy Initiative: myCTO ‒ a platform that allows more than 3,000 technology executives, operation and application teams, and front-line support to monitor, respond to and address issues. Predictive analytics help identify problems before they arise, and myCTO allows users to monitor credit card authorizations to detect patterns and find issues; gain real-time financial center status, such as current cash activity; and detect and remediate issues through AI with human oversight.
Best Compliance Initiative: Enterprise Data Indexing Engine (EDIE) ‒ a tool that uses artificial intelligence designs (natural language processing), custom logic, and algorithms to drive more efficient and proactive risk management and mitigation. The combination of the technology with our custom logic, methodology for aligning to common categories, and scoring capabilities makes a unique solutions.
“These awards demonstrate the importance placed on innovation at Bank of America,” said Cathy Bessant, Bank of America’s chief operations and technology officer. “Our commitment and tone is set from the top by spending $10 billion annually on technology, with $3 billion of that invested in new development. We understand the role technology can play in making our clients’ financial lives easier.”
As another sign of Bank of America’s commitment to innovation, the company remained the top financial services institution on the Intellectual Property Owners Association’s annual list of 300 organizations for the seventh consecutive year, and is ranked among the top 10 holders of United States banking-related patents and applications.
Bank of America
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. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,900 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Mark Pipitone, Bank of America, 1.980.387.4907