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Bank of America Wholesale Division on a Journey of Transformation

The bank's CIO for Global Wholesale Banking Technology & Operations Bill Pappas is leading an infrastructure evolution.

Bank of America's is also undergoing a multi-year process to simplify its wholesale credit delivery process.

"We took a step back to look at our credit process end-to-end; it's not an area you have seen a lot of transformation in across the industry." Pappas notes.

The project involves the simplification and automation of the documentation process -- "typically a cumbersome step" Pappas says -- by introducing e-signature capabilities and an online portal similar to Bank of America's CashPro online suite of services for treasury management, which provides a single place for a company to view its total financial position across all accounts with the institution.

This online portal for credit services will be a single point of entry for credit clients, and will be the culmination of migrating from six separate credit platforms into the one over the next couple of years.

Ultimately, Pappas says these transformations are not due to necessity, but rather to better position Bank of America's wholesale division to serve its clients in the future.

"What I have already is not broken." he says. "We are not starting from scratch but building on a very solid base to create benefits for clients for the next 20 years."

[Related Content: Bill Pappas Reduces, Rebuilds, and Replaces to Move BofA Merrill Lynch Forward]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
1/15/2014 | 11:42:28 AM
re: Bank of America Wholesale Division on a Journey of Transformation
It is definitely managing and evolution, not a revolution. The business is constantly changing and the strategy to support the business has to evolve along with it. Pappas definitely has the right attitude and vision for BAML. As Bryan says, a follow up is in order.
Byurcan
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Byurcan,
User Rank: Author
1/13/2014 | 9:13:48 PM
re: Bank of America Wholesale Division on a Journey of Transformation
Thanks! Glad you liked it. A follow up on their progress is probably due sometime this year, we'll try to provide that.
SudheerU403
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SudheerU403,
User Rank: Apprentice
1/13/2014 | 7:56:27 PM
re: Bank of America Wholesale Division on a Journey of Transformation
Good Information Bryan. I appreciate Bill Pappas for keeping
the expectations right by saying "it's not a revolution, but managing an
evolutionG«•. I will be interested to know how BAML is differentiating itself
from its global peers in Wholesale Banking space.
Byurcan
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Byurcan,
User Rank: Author
10/21/2013 | 12:50:40 PM
re: Bank of America Wholesale Division on a Journey of Transformation
In Bank of America's case, they've spent much of the last 5 or so years acquiring other firms and growing, so perhaps they couldn't dedicate the resources to a project like this then, whereas now they can. It's part of their overall streamlining/efficiency goal that Cathy Bessant talked about last year.
KBurger
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KBurger,
User Rank: Strategist
10/21/2013 | 3:19:17 AM
re: Bank of America Wholesale Division on a Journey of Transformation
Ah, the payment hub concept/holy grail emerges again. As you know, banks have desired this for some time, it was a hot topic a few years ago, then not so much -- achievement seems to have been elusive, tho there is much agreement as to the potential benefits of payments hubs. What do you think is different now? What is BofA doing to make sure its payments hub delivers?
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