Bank Of America Essay

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Bank of America
Jimmy Magoufit
Florida Atlantic University

Company
Bank of America was founded in 1904 as Bank of Italy and later changed their name to Bank of America Corporations. Bank of America is well known as the largest financial institution in America that serves consumers, businesses, corporations, and governments. The bank offers numerous and different financial services to its customers, one being mobile banking. Introduced in 2007 by Bank of America, mobile banking was created to appeal to their customers that were always on the move. After launching their mobile app within three years, Bank of America had over four million users signed up and actively using the app. As of 2009, Bank of America had covered 82 percent …show more content…

Opportunity
• Expand to a variety of different countries.
• Countries that are starting to see a rise in internet include internet banking. This presents Bank of America an opportunity to provide a technology and service to these countries.
• Creating more variety of innovative products for its online banking customers.
Threats
• Competitors such as Wells Fargo, Citi Bank, Chase, and PNC Financials pose threats in expansion in the mobile banking market.
Customers
The market segment Bank of America serves, ranges from individuals looking to open a bank account to large enterprises seeking help and advice on managing their financial account. The retail channel Bank of America uses to engage with their customers are through internet and mobile channel. Bank of America has been providing its customers with access to online banking for a while and now they are making a push to online banking. Mobile banking allows everything from check depositing to setting appointment with a local banker at a retailer. Although Bank of America has made tremendous strides in the mobile banking channel they still have some ways to go to accommodate to their customers every need when it comes to mobile banking.

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