Bank Of America Essay

Overview

Bank of America has been doing business in the United States for more than 200 years and is responsible for several innovations in banking, including the first revolving credit card; “BankAmericard.” As the card gained greater and greater acceptance around the world it was eventually renamed, “Visa” and later spun off from the bank. The company has continued to embrace new products and services and as the clients of the bank have become more technologically savvy, the company has had to adjust stay competitive and relevant.

When people think of operations management, they often think of manufacturing companies that produce homogeneous products on a large scale. “In general, manufacturers have a standardized way of producing goods. Goods are produced en-masse in a factory or warehouse-type environment. One finished product is generally the same as the next. Service operations, by contrast, have more opportunities to customize the services they provide.” (Schieltz, n.d.)

There will be standard transactions that will have very little variation between customers (deposits, withdrawals, payments, etc.). However, there will be other products and services that will require more customization by the bank and more involvement by the customer (mortgages, college savings, investments, etc.).

There will need to be human interaction with customers even if the new branch offices are relying on automation to provide service on customizable services, like a home loan. The new branch will allow a client to speak with a remote banker face to face and discuss