Bank of America: Fintech Ecosystem

Bank of America: Fintech Ecosystem

Summary

Bank of America (BofA) has been running a scouting initiative since 2010: the Tech Innovation Summit program. In 2017, BofA adopted a “High-Tech, High-Touch” approach - an initiative to boost investments in digital technology.

BofA is mainly focusing on technological investments in order to leverage technologies that can help reduce development costs and accelerate product development. BofA also launched various digital solutions for its corporate, middle-market, and public sector clients to consolidate funds and make digital payments to their customers.

BofA supports the FinTech Innovation Lab and Queen City Fintech Lab accelerator programs. Overall BofA has supported more than 200 fintech start-ups through these programs.

The report provides information and insights into Bank Of America's fintech activities, including -
- Insights of its fintech strategies
- Overview of in-house fintech product launches covering technology, application, and key statistics
- Insights on key investments including details on company and its business description
- Details of various accelerator programs, and partnerships.

Scope

- In 2018, BofA announced it will invest around $75m per quarter in new emerging technologies throughout 2019.
- As of December 2018, BofA had participated in six consortium investments, with cloud computing and analytics the key technologies it is focusing on.
- Until now, BofA has supported more than 200 fintech start-ups through FinTech Innovation Lab and Queen City Fintech Lab accelerator programs.

Reasons to buy

- Gain insights into Bank Of America’s fintech operations.
- Gain insights into its fintech strategy and investment portfolio.
- Gain insights into various product launches, investments and partnership strategies of Bank Of America.