Ethical Issues With Customers Case Study

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Ethical Issues with Customers On Thursday, August 21, 2014 it was announced that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation. This was the largest civil settlement with a single entity in American history (Sienkiewicz, 2012). The settlement with Bank of America Corporation was from when the company knowingly marketed and sold toxic loans (“Bank of America to pay $16.65 Billion in historic justice department settlement for financial fraud leading up to and during the financial crisis | OPA | department of justice,” 2014). However, at the time it was not only Bank of America that was being unethical. Two other major financial companies; Country Wide Financial and Merrill Lynch were also …show more content…

The company pays attention to its customers and try’s to appeal to their wants and needs through advertisements. “The primary objective of marketing is to influence the consumer behavior in favor of the company engaging in the marketing activities” (Krishna-Agrawal, 2010). Bank of America now gains insights from the “Bank of America Trends in Consumer Mobility Report”. The Bank of America Trends in Consumer Mobility Report is an annual study exploring broad mobile trends and banking behaviors among adult U.S. consumers. Bank of America is continuously focused on providing customers ease and convenience in mobile banking. Bank of America’s mobile banking platform remains a key source of increased customer engagement as well as consumer …show more content…

Power 2014 U.S. Primary Mortgage Origination Satisfaction Study, Bank of America excels in customer satisfaction ranking second nationwide in mortgage origination customer satisfaction with a score of 807 (on a 1,000-point scale). This study measures customer satisfaction with the mortgage experience across six factors. These factors are loan Offerings, application/approval process, interaction, loan closing, onboarding, and problem resolution. Along with ranking second in loan closing, application/approval process, loan offerings, and onboarding, Bank of America also outperforms industry average in all study factors (Bank of America, 2015). Customer experience and customer satisfaction is very important. Bank of America realizes this and continues to focus on delivering an overall great experience for its

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