AFTAs 2022: Best analytics initiative—Bank of America

Project: Connect Studio—Analytics

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Overview

Bank of America’s (BofA’s) Connect Studio is a self-service analytics and management reporting tool designed to help users find new insights into internal products, the bank’s financial performance, its trending analysis, and its forecasts.

What problem does it solve?   

BofA’s technology team noticed that sometimes the bank’s reporting requirements took longer to implement than the actual projects and creating the metrics themselves. So BofA wanted to build a solution to enable its business users to use its data and model outputs in a different way.

“The platform helps us shift people’s time from creating metrics to spending more time using the output and creating the analytics. We’ve been able to eliminate 98% of our spreadsheets and we’ve reduced team handoffs by 75%. Now we have people logging into the system instead of emailing results back and forth. In the risk space, we’ve seen cycle times speed up by days and we’ve seen teams go from spending weeks preparing trending analysis to it now being handed to them in a matter of hours.”
Laura Hamilton, global head of treasury and forecasting technology, Bank of America

How does it solve the problem?

Connect Studio aims to address the need to provide a real-time integration solution for the bank’s various internal data sources, supported by a user interface that organizes and filters data with a simple drag of a slider, enabling users to shift and pivot results into and out of spreadsheet applications.

Future developments

BofA will further roll out Connect Studio within its chief financial office, global markets and risk teams, as well as other business units. The bank is also using machine learning and natural language processing for auto-generating some commentary to speed up the creation of management reports.

Why they won

Bank of America follows up its win in the best reporting platform or service category in this year’s Sell-Side Technology Awards by winning the best analytics initiative category in this year’s AFTAs, thanks to its impressive Connect Studio platform. This is good example of how technology can be used to improve the accuracy, transparency and efficiency around analytics and reporting functions so that users can focus on higher-value tasks. The impressive reduction in the number of spreadsheets BofA uses is testament to Connect Studio’s ability to deliver practical and measurable efficiency gains.

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