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The Bank of America is one of the largest banks of the US, which has proved to be very successful. In actuality, the bank is the largest wealth manager and one of the major banks in the investment banking industry. The Bank of America has reached a tremendous success in the course of its history and, after the acquisition of Merrill Lynch in 2008, the bank has a started a new page in its history becoming one of the main banks in the investment banking industry. The Bank of America demonstrates a positive trend in its current development (See App.). At the same time, the recent as well as past successes of the Bank of America are, to a significant, dependent on its human resource management, whereas in recent years the bank grows more and more concerned with the introduction of new technologies and innovations which can not only facilitate the business but also increase the security of transactions and operations the bank is conducting or involved in. In such a way, today, the Bank of America is one of the most successful banks of the US, which focuses on the development of the effective human resource management and wide introduction of technological innovations.
Human resources of the Bank of America
On analyzing the current position of the Bank of America and its history, it is important to lay emphasis on the fact that the bank was always concerned with the development of its human resources. The bank relied heavily on the training of its employees and managers to develop their professional skills and abilities. In fact, the bank paid a lot of attention to the selection of the best professionals for the promotion and further employment in the bank. The Bank of American encouraged many students to participate in training courses of the bank for the further selection and employment of the most gifted and prospective young professionals.
Technology in the Bank of America
One of the major factors that influenced the recent successes of the Bank of America was the use of new technologies. In fact, today, the bank is technology-oriented that means that the bank introduces new technologies to maximize the effectiveness of its performance, to increase the speed of transactions, and to optimize the security of the ban assets, finance, and private information of customers (Light, 2007). In this respect, information technologies play a particularly important role because the Bank of America implements new information technologies en masse to meet customers’ needs and expectations, on the one hand, and to maximize the effectiveness of its performance, on the other.
However, the introduction of information technologies raised the problem of the protection of private information of customers of the bank as well as the protection of the bank’s databases from the unauthorized access and information breaches. As the matter of fact, the information technologies contributed to the increasing the share of electronic, online transactions but, on the other hand, they raised the problem of security of such transactions and protection of the private information of customers. To meet this goal, the Bank of America has introduced the new information system which is supposed to protect the databases of the bank and private information of customers. Nevertheless, it is impossible to guarantee the full protection of customers as well as bank’s databases from unsanctioned access or information breaches.
In spite of certain risks, the Bank of America keeps introducing new technologies because the benefits of new technologies outweigh their drawbacks. To put it more precisely, the new technologies introduced by the bank increase the customer satisfaction consistently that leads to the higher customer loyalty (Bonadio, 1994). The latter is crucial in the time of financial crisis and the growing competition between banks. In addition, new technologies facilitate the work of banks’ managers and employees, increase the speed of transactions, and make the operations more effective compared to the past when a lot of time was lost on the transmission of data within the bank or between the bank and its units, customers or business partners.
Conclusion
Thus, taking into account all above mentioned, it is important to lay emphasis on the fact that the Bank of America is a steadily progressing bank which has already reached a tremendous success becoming one of the largest wealth managers and one of the major players in the investment banking industry. At the same time, the overall success of the Bank of America was determined by its successful and effective human resource management, including its training programs and retention of the well-qualified personnel within the bank, and by the wide introduction of new technologies which contributed to the growth of the customer satisfaction and maximized the effectiveness of the organizational performance of the Bank of America.

 
References:
Bonadio, F. A. (1994). A.P. Giannini: Banker of America. Berkeley, California: University of California Press.
Light, L. (2007-10-01). “Cover Story – Money for the Masses”. Forbes Magazine.