Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company serves approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs.
CHALLENGE
When Bank of America acquired Merrill Lynch, decisions were made to transition clients with Working Capital Management Accounts (WCMA) from legacy Merrill Lynch to their new home at Bank of America. Global Commercial Banking (GCB) was held responsible for transitioning 9,189 WCMA accounts (assets totaling approximately $11.4 billion) consolidating accounts and assigning each account to a Bank of America market executive and account manager.
Perficient was asked to lead and complete the WCMA client mapping effort, ensuring downstream projects where informed and prepared to handle the amount of accounts being transitioned to the newly integrated Bank of America. This entailed the following:
- Identify and merge accounts into relationships
- Identify previously assigned WCMA relationships within Bank of America
- Continuously communicate status of project to related downstream work teams
- Accurately complete project and transition to sales data team, ensuring full understanding of each account/relationship
SOLUTION DEPLOYED - Acquisition Transition
Acquisition Transition Perficient worked directly in the Global Commercial Bank as a change lead, focusing on client
mapping, analyzing account data (indicative data, fields, etc.), merging/integrating customer data sets, identifying overlaps and gaps, refining data based on new information and tracking and updating downstream teams through merger portal (SharePoint) and related client meetings.
BUSINESS VALUE DELIVERED
All 9,000+ WCMA clients were accurately tracked, identified and assigned to the new respective market executive and account manager. The project completed on time and under budget with all downstream teams fully informed and aware of customers being transitioned.