Digital Transformation at Bank of America

Digital Transformation at Bank of America
Case Code: ITSY129
Case Length: 17 Pages
Period: 2007-2021
Pub Date: 2022
Teaching Note: Available
Price: Rs.400
Organization: Bank of America Corporation
Industry: Financial Services
Countries: United States
Themes: Digital Transformation, Digital Strategy, FinTech,Innovation
Digital Transformation at Bank of America
Abstract Case Intro 1 Case Intro 2 Excerpts


Bank of America faced a major challenge in the form of the sudden growth of fintech companies post the subprime crisis when legacy banks were already reeling under pressure caused by the cascading impact of falling profitability, drying liquidity, and increasing regulations on its operations. The case study discusses the emergence of fintech companies and their unbundling of services, which led to higher levels of customer satisfaction. It further explores the impact on legacy banks. It describes the response of BoA to the challenges posed by fintech companies. BoA emerged as a digital legacy bank under the leadership of Brian Moynihan and Catherine Bessant and was ranked the number two US Bank in Innovation and Technology.

However, there were still some challenges for BoA, especially when it came to being popular among the technology-savvy millennials and Gen Xers and consumer experience. In addition to this, legacy outdated IT systems and regulations hindered the growth of the bank. It would be interesting to see how BoA overcame these challenges and kept its growth and profitability momentum which was already affected by the Covid pandemic.


The case is structured to achieve the following teaching objectives:

  • To understand the reasons for the growth of fintech companies post the subprime crisis.
  • To analyze the impact of fintech companies on legacy banks.
  • To discuss those strategies which traditional banks should adopt to survive the onslaught from fintech/platform players.
  • To gauge the risks arising out of a changing economic environment.



Digital Transformation; Retail Banking; Embracing Technology; Digital Innovations; Fintech; Emergence of fintech companies; Legacy banks; Strategy; Digitalization; Impact of digitalization on banks; Banking innovation; Challenges faced by the legacy banks;

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