Transformation at Bank of America: An Enterprise Systems Analysis

 

MIT SDM Systems Thinking Webinar Serieswallance

Daniel Wallance, SDM ’11

Date: July 11, 2011


Download presentation slides

About the Presentation

With a historic collapse of world financial markets and the nearly finished integration of the Merrill Lynch and Countrywide acquisitions, Bank of America Corporation found itself looking inward for initiatives to decrease operational risk and streamline bank operations.

One significant change management initiative currently under way is the California Northwest (CANW) transformation. As part of Bank of America’s internal evaluation, senior executives identified this region as offering the greatest potential to both decrease operational risk and simultaneously to offer additional value to its customers. The focus of the CANW initiative is a multi-year and multi-hundred-million-dollar integration initiative to “provide nationwide consistency and efficiencies in processing and servicing customers and clients” and to “migrate to standard processes and technology across the enterprise.”

This webinar focuses on a six-month consulting engagement that applied key systems thinking principles, tools, and methods to evaluate the CANW transformation initiative and large-scale change management practices overall at Bank of America. MIT Lean Advancement Initiative’s Enterprise Strategic Analysis and Transformation methodology is used as a framework to evaluate the alignment of stakeholder needs with CANW goals, processes, metrics, and strategic objectives.

The study reveals that Bank of America should take a stakeholder-centric view and consider the needs of all stakeholders to gain “buy-in” from all parties for transformation initiatives.

About the Speaker

Daniel Wallance, a recent graduate of MIT’s System Design and Management Program (SDM), has several years of experience in finance, operations, and information technology. While at MIT, he focused his studies on operations management and completed a six-month consulting engagement with Bank of America Corporation for his master’s thesis. While at SDM, he also studied business and technology strategy at Harvard Business School.

Wallance joined SDM from a boutique hedge fund founded by a former director of Kmart Holding Corporation; he served as director of operations and as an investment analyst. Previously, he was a consultant to a NASA contractor, where he developed proposals for Mars missions and defense contracts. He also established his own private technology consulting firm with over 20 clients.

Wallance holds an MS from MIT in engineering and management and a BS in electrical and computer engineering from Worcester Polytechnic Institute, where he was a member of the engineering honor societies Tau Beta Pi and Eta Kappa Nu.

About the Series

The MIT System Design and Management Program Systems Thinking Webinar Series features research conducted by SDM faculty, alumni, students, and industry partners. The series is designed to disseminate information on how to employ systems thinking to address engineering, management, and socio-political components of complex challenges.