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."