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Bank Of America: Mobile Banking Essay

664 words - 3 pages

Bank of America: Mobile Banking

Bank of America has been successful in the US in proving mobile banking though the use of a basic smartphone application (app). The bank’s customers enjoy the convenience of, for example, checking their account balances or locating branches/ATMs using their phones. With the success of their basic banking app, Bank of America is considering expanding the functions of their app to other lines of business such as credit cards or mortgages. The problem is to decide whether to invest in increasing the functionality of the app, as it would mean “reprioritizing critical bank technology resources from other important business areas”.

Bank of America could add ...view middle of the document...

SMS would expand the mobile market, particularly to customers who don’t use a smartphone but do have a cellular phone (85% of customers as of 2010). SMS is also not dependant on an internet connection, so would be more widely available and at a lower cost to the customer.
The option of adding new applications for each of their target groups would not increase the complexity of the basic banking app, but would incur development costs. Some of these target groups such as mortgage or credit applications may not be suited to a mobile app due to their length and complexity.

Online (website) banking offers Bank of America’s customers added convenience (the preferred banking method of 25% of customers), and at a lower cost than other methods such as in branch, ATM, or IVR. Online banking is also more suited to more complex banking activities such as credit card or mortgage applications. Bank of America has a range of complex businesses like global wealth management, large corporate lending, global treasury services, and investment...

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