Digital strategies build resilience, attract customers
One of my favorite thing about being a writer is learning as I develop content for clients—and clients’ clients. For this project through Crain’s Content Studio, I had the benefit of working with Bank of America in its effort to help businesses understand the importance of “harness(ing) innovation that brings real value.”
Accelerating your digital transformation
Before March 2020, many businesses had already recognized the digital opportunity and were investing in new technologies, expanding eCommerce and enhancing cyber security. But the global pandemic rapidly changed interpersonal, organizational and commercial interactions, and sustainable digital plans are now critical to future-proofing your business.
“Digital transformation has skyrocketed to the top of our organizational priorities and yours,” says Julie Harris, Head of Global Banking Digital Strategy at Bank of America.
Bank of America interacts with 66 million consumers 10 billion times a year, and because it has always been at the forefront of digital adoption, 97%, or 9.7 billion, of those interactions are digital, reported “American Banker” in August 2020.1
“What we’ve learned first and foremost is that digital transformation is about people and process change, not just the technology. Technology should follow what we need to do to better serve our clients and our communities,” says David Reilly, Global Banking & Markets, Enterprise Riskand Finance Technology & Core Technology Infrastructure Executive, Bank of America.
While 2020 has added urgency, Harris and Reilly both emphasize building long-term strategies that help drive growth, improve market share, strengthen and empower consumers, positively transform workplace culture and help attract and retain employees.
The digital future
How has the pandemic changed customer relationships? McKinsey & Company reports a nearly 300% rise in the share of digital customer interactions between May 2018 and July 2020, with 58% of customer service interactions now occurring digitally.
Accordingly, business leaders have fast-tracked implementation of digital options for customers, which requires faster digitization of their front- and back-offices, manufacturing facilities, R&D and marketing departments.
Bank of America is playing a major role in helping clients achieve these goals.
In 2020, the U.S. Patent and Trademark Office granted Bank of America 444 patents, a company record, during a period when U.S. patents granted overall were down 1%. Around half of the approved patents are related to artificial intelligence, machine learning or information security that can help clients do business faster, smarter and more securely.