(24 February 2010 –USA) Bank of America Merrill Lynch is planning to rollout an electronic bank account management system, eBam, which will allow corporate customers to switch accounts more easily.The technology to be provided by IdenTrust will enable corporate customers to open and close accounts, as well as modify mandates online, boosting efficiency and reducing costs.
A study conducted by Finextra found that 44 percent of corporate bankers would switch their banks to get better service, standardisation and automation through eBam’s processes.
Cindy Murray, global corporate banking e-commerce executive, Bank of America Merrill Lynch, said that managing bank accounts can be a cumbersome, paper-intensive and time-consuming process.
These new capabilities have the goal of providing transparency and simplified workflow while allowing customers to make changes to their accounts in an accelerated fashion, Mr Murray added.