Bank of America Case Analysis
Bank of America – Case Analysis
Prepared
By
Kesha S Mitchell
April 30, 2013
AMBA 650-1134
Marketing Management and Innovation
Professor Philemon Oyewole
In 2007, Bank of America (BofA) Corporation launched the largest secure mobile banking service in the United States and has over four million mobile banking customers. BofA mobile banking service gives the customers access to their checking accounts for balance, transfers funds and to pay bills through a mobile application (app) on their mobile phones and the mobile web on their phone’s browser.
In past years, BofA has been discussing the bank’s mobile strategies concerning mobile banking and how to incorporate mobile banking that is specific to the customer’s business needs such as credit cards and mortgage loans, etc. The growth in mobile users was an eye-opener for the retail banking business and has caused lending margins to drop and new federal regulations to be implemented. BofA continues to struggle to position their mobile banking services in the continuously changing financial industry. The underlying problems facing the organization are the following: * How to widen the bank’s mobile applications by adding more features * How to create different apps for various target groups * How will mobile banking affect their clients in the long run
Organization
Bank of America (BofA) Corporation is headquartered in Charlotte, NC and was established in 1998 from a structured merger between BankAmerica Corporation and NationsBank. BofA is an American multinational banking and financial services company for consumers, small and mid-sized businesses, government and corporations. with a range of banking services such as investment banking, global wealth management, asset management, large corporate lending and retail banking (e.g., deposits, debit and credit cards, mortgage loans, lines of credit). Throughout the years, the expansion BofA had made several acquisitions with a
Prepared
By
Kesha S Mitchell
April 30, 2013
AMBA 650-1134
Marketing Management and Innovation
Professor Philemon Oyewole
In 2007, Bank of America (BofA) Corporation launched the largest secure mobile banking service in the United States and has over four million mobile banking customers. BofA mobile banking service gives the customers access to their checking accounts for balance, transfers funds and to pay bills through a mobile application (app) on their mobile phones and the mobile web on their phone’s browser.
In past years, BofA has been discussing the bank’s mobile strategies concerning mobile banking and how to incorporate mobile banking that is specific to the customer’s business needs such as credit cards and mortgage loans, etc. The growth in mobile users was an eye-opener for the retail banking business and has caused lending margins to drop and new federal regulations to be implemented. BofA continues to struggle to position their mobile banking services in the continuously changing financial industry. The underlying problems facing the organization are the following: * How to widen the bank’s mobile applications by adding more features * How to create different apps for various target groups * How will mobile banking affect their clients in the long run
Organization
Bank of America (BofA) Corporation is headquartered in Charlotte, NC and was established in 1998 from a structured merger between BankAmerica Corporation and NationsBank. BofA is an American multinational banking and financial services company for consumers, small and mid-sized businesses, government and corporations. with a range of banking services such as investment banking, global wealth management, asset management, large corporate lending and retail banking (e.g., deposits, debit and credit cards, mortgage loans, lines of credit). Throughout the years, the expansion BofA had made several acquisitions with a