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Bank Of America Essay

5971 words - 24 pages

Precision Research & Design |
Bank of America |
Mobile Banking |
|
Ashlee BlairDaniel CareyStephanie FortnaBrandi Stricklin |
8/4/2011 |

|

Table of Contents

* Introduction: Main Challenge ……………. 2
* Industry Description ……………………… 3
* Brand Analysis…………………………..... 8
* SWOT Analysis………………………….... 10
* Business Model …………………. ………. 13
* Digital Marketing ………………………… 16
* Suggested Solution ……………………….. 21
* Exhibits …………………………………… 23
* References ………………………………… 26

Introduction
Bank of America launched mobile banking in May 2007. Mobile Banking lets customers easily and securely access balance information, pay bills with optional ...view middle of the document...

The complexity of the app could deter the user away to a more simplistic app from one of the competitors.
Build new apps? Building new apps would mean the opportunity cost is much higher if they were to take necessary resources away from other important business segments. At the same time this could add to the customization that customers are looking for from their financial institution.
And finally, do they refuse altogether to add complexity to current apps? It might be best to just optimize the current application and keep the complexity away to not deter current customers.
Industry description
Financial Banking
Bank of America competes in the financial banking industry. The finance industry encompasses an array of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. As of 2004, the financial services industry represented 20% of the market capitalization of the S&P 500 in the United States.
Bank of America (BofA) is an American global financial services company, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization. (See Exhibit 1 for BofA Assets breakdown.) Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.
As of 2010, Bank of America is the 5th largest company in the United States by total revenue as well as the second largest non-oil company in the U.S, after Wal-Mart. In 2010, Forbes listed Bank of America as the 3rd "best" largest company in the world.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth manager and a major player in the investment banking industry.
The company holds 12.2% of all U.S. deposits, as of August 2009, and is one of the Big Four banks of the United States, along with Citigroup, JPMorgan Chase and Wells Fargo—its main competitors. According to its 2010 annual report, Bank of America operates in all 50 states, the District of Columbia and more than 40 non-U.S. countries. It has a retail banking footprint that covers approximately 80 percent of the U.S. population and in the U.S. it serves approximately 57 million consumer and small business relationships at 5,900 banking centers and 18,000 ATMs.

Mobile Banking
In 2007, Bank of America launched its mobile banking. Mobile banking is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant (PDA). The earliest mobile banking...

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