Bank of America: How to Provide Service to the Multitudes
In 2011 Bank of America was one out of 6,453 banks in operation, making the banking industry highly competitive (Mason). Banking services have been around for centuries and just about everyone who needs financial services already has them. Because of this, Bank of America needs to maintain a competitive edge over their rivals, so that they may lure customers away from their adversaries. There are many ways that it can do this; one way is to offer competitive rates and a variety of services. Another way it can differentiate itself is to offer services faster and more efficiently. It can do this by investing in information technologies and information systems. Information systems are vital to the success of a banking entity, especially to Bank of America. Bank of America provides financial services for over twenty eight million households and over two million businesses. They would not be able to manage all of these customers without the use of their database systems. They also offer a variety of services to their customers so that they can be more interactive in their banking experience. Information systems and services like ATM machines, internet banking, and smartphone applications provide valuable services to customers and allow Bank of America to maintain an advantage over its competitors.
Bank of America’s history stretches all the way back to July 5, 1784 when its earliest predecessor, the Massachusetts Bank, opened for business for the first time (Bank of America). At the time, it was one of only three commercial banks in existence and one of only two banks to receive a state charter. In 1960 after thousands of mergers and acquisitions, the bank was named North Carolina National Bank (NCNB). In 1991, NCNB acquired C&S/Sovran of Atlanta and Norfolk, taking the name NationsBank (Bank of America). In 1998... [continues]
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