BofA Mobile Banking case
GSB 5007
Marketing Management
Name: XXX
Words: 1497 (Excl. Exhibits)
Introduction
Bank of America (BofA) is the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization. As a global Finance Service Institution, BofA serves clients in more than 150 countries and has a relationship with 99% of the U.S. The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth manager and a major player in the investment banking industry.
BofA launched mobile banking in May 2007. Mobile Banking lets customers easily and securely access balance information, pay bills with optional Bill Pay service, transfer funds, and find nearby ATMs and banking centers through a mobile application on their smartphones, and through mobile web on their phone browser.
Douglas, SVP of Mobile Product Development was quoted, “In less than 3 years we have four million mobile banking customers. That’s an adoption rate almost five to eight times that of our online banking several years ago.” Line-of-business managers are looking for leveraged mobile platforms with functionalities that can meet different needs and the different target groups such as: Merrill Lynch brokerage, mortgages, credit cards, consumer payments, etc…
The capabilities of mobile banking through the use of smartphones or mobile web have become popular with today’s bank customers. There are increasing overall growth in mobile banking in the financial services industry.
In addition, the transaction cost1 of mobile banking and internet banking is much lower than the traditional channel (e.g. Branch, Call Center, ATMS and IVR). Due to the economic downturn, banks are looking for extend the service channels and aim to increase the profit via tradition core banking service, such as transaction fees. The system automation can reduce the operation cost; increase the transaction turnaround time and accuracy.
With the popularity of smartphones
Marketing Management
Name: XXX
Words: 1497 (Excl. Exhibits)
Introduction
Bank of America (BofA) is the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization. As a global Finance Service Institution, BofA serves clients in more than 150 countries and has a relationship with 99% of the U.S. The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth manager and a major player in the investment banking industry.
BofA launched mobile banking in May 2007. Mobile Banking lets customers easily and securely access balance information, pay bills with optional Bill Pay service, transfer funds, and find nearby ATMs and banking centers through a mobile application on their smartphones, and through mobile web on their phone browser.
Douglas, SVP of Mobile Product Development was quoted, “In less than 3 years we have four million mobile banking customers. That’s an adoption rate almost five to eight times that of our online banking several years ago.” Line-of-business managers are looking for leveraged mobile platforms with functionalities that can meet different needs and the different target groups such as: Merrill Lynch brokerage, mortgages, credit cards, consumer payments, etc…
The capabilities of mobile banking through the use of smartphones or mobile web have become popular with today’s bank customers. There are increasing overall growth in mobile banking in the financial services industry.
In addition, the transaction cost1 of mobile banking and internet banking is much lower than the traditional channel (e.g. Branch, Call Center, ATMS and IVR). Due to the economic downturn, banks are looking for extend the service channels and aim to increase the profit via tradition core banking service, such as transaction fees. The system automation can reduce the operation cost; increase the transaction turnaround time and accuracy.
With the popularity of smartphones