Bank of America, one of world’s biggest financial institutions with approximately 47 million consumer and small business relationships, has chosen the Microsoft Cloud for its digital transformation. The company will provide Microsoft’s Office 365 cloud productivity to some of its 200,000 employees, and it will also leverage Microsoft Azure to move its business to the cloud.
“We are aggressively modernizing our technology infrastructure to enable current and future growth across all our lines of business,” said Howard Boville, chief technology officer at Bank of America in a press release. “Our agreement with Microsoft aligns to our target of delivering 80 percent of our technology workloads on virtual platforms within the next several years, further establishing Bank of America as a digital leader in financial services.”
Microsoft created a Financial Services Compliance Program to make its cloud operations more transparent to companies and regulators, and the Microsoft Cloud is seeing strong adoption from the financial services industry so far. According to the Redmond giant, more than 80% of the world’s largest banks and more than 75% of the global systemically important financial institutions are now using Azure. "This represents the highest bar for legal, compliance, security and acquisitions teams," the company says.