...America: Mobile Banking Assignment Questions: 1. How is mobile technology likely to influence the banking industry in the future? 2. What benefits does mobile banking provide to consumers? Why haven’t many consumers adopted mobile banking yet? 3. What is Bank of America’s motivation to offer mobile banking to its customers? What are the associated costs and risks to the bank? 4. What lessons can the bank learn from its online banking operations? What are the costs and benefits of having customers migrate to online banking? 5. How should McDonald and Brown respond to the LOB managers’ request to include more functions in the bank’s mobile app? Bank of America: Mobile Banking Assignment Questions: 1. How is mobile technology likely to influence the banking industry in the future? 2. What benefits does mobile banking provide to consumers? Why haven’t many consumers adopted mobile banking yet? 3. What is Bank of America’s motivation to offer mobile banking to its customers? What are the associated costs and risks to the bank? 4. What lessons can the bank learn from its online banking operations? What are the costs and benefits of having customers migrate to online banking? 5. How should McDonald and Brown respond to the LOB managers’ request to include more functions in the bank’s mobile app? Bank of America: Mobile Banking Assignment Questions: 1. How is mobile technology likely to influence the banking industry in the future? 2...
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...Case Analysis of Bank of America: Mobile Banking Marcus J. Durr Professor Trittipo AMBA 650 Section 9047 January 31, 2012 Abstract During the tough time for the banking industry when many banks have gone into bankruptcy or have began add numerous fees to their service in order to stay afloat; Bank of American (BoA) has also experienced some of the effects of the financial crisis. In an effort to weather the storm BoA began to incorporate mobile banking. While its competitors were implementing their own mobile banking through mobile apps, mobile web, and short message system (SMS), BoA focused on the mobile app and mobile web only. This case analysis takes a look at some of the major strategic issues and problems, such as BoA leaving out a portion of their target market by opting out of using SMS, which left a portion of their market base outside in the cold. However there are some positives, that BoA realized and took swift action to capitalize on the fast emerging market of mobile banking. In the conclusion, recommendations are given on what BoA can do to keep a stable position in the future, as mobile banking will have a huge impact on the banking industry. Case Analysis of Bank of America: Mobile Banking In the banking industry Bank of America has grown to become a household name and evidence of their marketing efforts through all channels can be seen just about everywhere you go. Over the past few years the banking industry has surly gone through some turbulent...
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...payment of credit card bills. It should also allow users to take benefit of mobile banking service regardless of being online user. Instead of concentrating on binding people to use both mobile and online banking they should concentrate more on customer satisfaction. Mobile banking is a very convenient channel to interact with clients as compared to other channels, as it is fast and can be accessed at any time from any place around the globe. BOA might have an adverse effect on its market share as compared to its peers/ competitors who are dominating the mobile banking market by providing more features/ functionality to the mobile applications. BOA can reduce operational and transaction costs in long run by providing more functionality in its mobile application and promoting its unique features. Moreover the cost of development of the application is very expensive. Second, it should classify its market segments based on Exhibit 3b (Global Consumer and Small Business Banking, Global Corporate and Investment Banking, Global Wealth and Investment Management) then designs a specialized application based on the needs of the target market. The advantage is that it would step ahead of its competitors in providing customized solution for each market listed above. In turn, it will increase customer satisfaction and that would lead to expand its current market in each segment. This will result in increasing mobile banking by integrating BOA’s business line spreading its platform to increase...
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...Mobile Banking “Making Cash, Checks, Credit Cards Obsolete” Abstract With the growing and widespread use of smartphones applications for both the iPhone and Android there is very little you can’t do virtually. From banking to shopping, in-person visits to Skype and face time, putting a key in your car to start it to remotely starting your car and setting the temperature, being at home turning on lights and adjusting your thermostat to doing the same functions remotely using a smartphone. Smartphone applications have offered instantaneous, real-time efficiencies in our day-to-day life. Two generations ago you had to physically get up to change the channel on your television. Now you can talk into the remote control for channel changes and special programming. The same goes for banking. Everything is about speed of transaction and efficiency. Cash and credit card transactions are becoming obsolete with the advent of smartphone applications. Today you can shop, make purchases, and make bank deposits and transfers without leaving the comfort of your home. This paper explores how new technology and smartphone applications are used for mobile banking rendering cash, checking and credit card transactions obsolete. Keywords: Mobile Banking, Security, Cost and Benefits, Future Technology Mobile Banking “Making Cash, Checks, Credit Cards Obsolete” Mobile banking is becoming increasingly popular with over a billion mobile devices in use today. If you are a smartphone user...
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...Precision Research & Design | Bank of America | Mobile Banking | | Ashlee BlairDaniel CareyStephanie FortnaBrandi Stricklin | 8/4/2011 | | Table of Contents * Introduction: Main Challenge ……………. 2 * Industry Description ……………………… 3 * Brand Analysis…………………………..... 8 * SWOT Analysis………………………….... 10 * Business Model …………………. ………. 13 * Digital Marketing ………………………… 16 * Suggested Solution ……………………….. 21 * Exhibits …………………………………… 23 * References ………………………………… 26 Introduction Bank of America 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. Main Challenge WHAT: Increasing overall growth in mobile banking in the financial services industry. Douglas Brown Senior Vice President 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 to meet the needs of their specific businesses. The capabilities of mobile banking through the use of your smartphones or mobile web have become popular with today’s bank customers. WHO: * Jen McDonald, SVP...
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...Precision Research & Design | Bank of America | Mobile Banking | | Ashlee BlairDaniel CareyStephanie FortnaBrandi Stricklin | 8/4/2011 | | Table of Contents * Introduction: Main Challenge ……………. 2 * Industry Description ……………………… 3 * Brand Analysis…………………………..... 8 * SWOT Analysis………………………….... 10 * Business Model …………………. ………. 13 * Digital Marketing ………………………… 16 * Suggested Solution ……………………….. 21 * Exhibits …………………………………… 23 * References ………………………………… 26 Introduction Bank of America 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. Main Challenge WHAT: Increasing overall growth in mobile banking in the financial services industry. Douglas Brown Senior Vice President 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 to meet the needs of their specific businesses. The capabilities of mobile banking through the use of your smartphones or mobile web have become popular with today’s bank customers. WHO: * Jen McDonald, SVP...
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...PRECISION RESEARCH & DESIGN Bank of America Mobile Banking Ashlee Blair Daniel Carey Stephanie Fortna Brandi Stricklin 8/4/2011 Table of Contents Introduction: Main Challenge ……………. 2 Industry Description ……………………… 3 Brand Analysis…………………………..... 8 SWOT Analysis………………………….... 10 Business Model …………………. ………. 13 Digital Marketing ………………………… 16 Suggested Solution ……………………….. 21 Exhibits …………………………………… 23 References ………………………………… 26 Introduction Bank of America 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. Main Challenge WHAT: Increasing overall growth in mobile banking in the financial services industry. Douglas Brown Senior Vice President 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 to meet the needs of their specific businesses. The capabilities of mobile banking through the use of your smartphones or mobile web have become popular with today’s bank customers. WHO: • Jen McDonald, SVP of Bank of America (Digital Marketing...
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...Analysis of Bank of America: Mobile Banking Marcus J. Durr Professor Trittipo AMBA 650 Section 9047 January 31, 2012 Abstract During the tough time for the banking industry when many banks have gone into bankruptcy or have began add numerous fees to their service in order to stay afloat; Bank of American (BoA) has also experienced some of the effects of the financial crisis. In an effort to weather the storm BoA began to incorporate mobile banking. While its competitors were implementing their own mobile banking through mobile apps, mobile web, and short message system (SMS), BoA focused on the mobile app and mobile web only. This case analysis takes a look at some of the major strategic issues and problems, such as BoA leaving out a portion of their target market by opting out of using SMS, which left a portion of their market base outside in the cold. However there are some positives, that BoA realized and took swift action to capitalize on the fast emerging market of mobile banking. In the conclusion, recommendations are given on what BoA can do to keep a stable position in the future, as mobile banking will have a huge impact on the banking industry. Case Analysis of Bank of America: Mobile Banking In the banking industry Bank of America has grown to become a household name and evidence of their marketing efforts through all channels can be seen just about everywhere you go. Over the past few years the banking industry has surly gone through some turbulent...
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...leadership of the organization identified mobile banking as a new field within the financial services industry to help provide faster, easier, and more convenient services to its customers. Mobile banking offers an opportunity for BoA to increase its operational efficiency and customer retention. The key challenge facing management is both tactical and strategic in nature. From a tactical perspective, management is faced with the problem of deciding which functionality of mobile application the Mobile Product Development Unit of the organization should firstly implement and which other business unit the organization should focus on. From a strategic viewpoint, management is faced with the problem of positioning itself within the industry. The financial services industry is fast-paced with tight competition. As such there is increased pressure on management to position itself in the long-run in order to be able to compete with other major players within the industry. Analysis and Evaluation The financial services industry serves as a vital component of the United States economy. The industry caters to commercial, private, and governmental needs. Historically, Bank of America has always differentiated itself as an industry leader. However, the economic meltdown of 2008-2009 tested the industry’s vitality. The near-collapse of the real estate industry caused a major reorganization and reassessment of the business practices within the industry. More importantly, the economic collapse...
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...Impact of E-Banking on Capital Bank and local area banking industry in India Coursework- Technology in Business and Society Shahbaz Singh Samra - B022337 Executive Summary The task commissioned was to assess the application of a technology to support organizational change. This report concentrates on how electronic banking (e-banking) has contributed to Capital Local Area Bank (CLAB) and the local area banking industry in India. Focus lies upon CLAB’s operations and how the bank incorporated e-banking to revolutionize and set standards for transparent and efficient banking in the state of Punjab. E-Banking gives strategic value to the organization and the industry because it adds a new dimension to the bank to offer its products and services. It gives the organization a comparative advantage over its rivals. However, local area banks might have to suffer loss of business done through their physical branches especially in urban and more developed areas. This, however, would be a positive for CLAB as the overall business generated would be higher and it gives its customers a facility that is yet to be provided by its competitors. E-Banking t is very cost effective for the bank. A bank, in order to expand efficiently, would be better off investing in e-banking rather than expanding its customer outreach through increasing the number of physical branches. Inevitably, e-banking does have some issues and challenges than an organization would have to overcome to...
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...middle businesses, corporations and Governments with their banking, investing, asset management and other financial products and services 1. The company is headquartered in Charlotte, North Carolina. The company has huge presence in America spanning across 40 states. It serves approximately 54 million consumers in US and its foot print covers 80 % of the population. The bank is being led by Brian Moynihan who succeeded Ken Lewis as the President and CEO effective January 1, 2010. Some of the key highlights of Bank of America are: As of 2010, it is the second largest bank holding company behind JP Morgan Chase in United States by assets which stood over US$ 2 trillion As of 2010, the company is the fifth largest company in United States by revenue which is over 111.4 billion2 The company was also the 3rd largest non-oil company in the US after Wal-Mart and General Electric In 2010, Forbes listed Bank of America as the third largest company in the world 3 The bank has over 5500 branches along with approximately 16300 ATMs and an online banking with 30 million active users 4 The major competitors of Bank of America are JP Morgan Chase, Citi Group and Wells Fargo Bank. 1 http://www.forbes.com/companies/bank-of-america/ 2010 Bank of America Annual Report 3 http://www.forbes.com/companies/bank-of-america/ 4 http://investor.bankofamerica.com/phoenix.zhtml?c=71595&p=irol -homeprofile#fbid=W6HlSIbzfcd 2 4 Bank of America: Mobile Banking Case Report Financial Snapshot 5 Company History The company...
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...technology. The visible benefits of IT in day-to-day banking in India are quite well known. There’s ‘Anywhere Banking’ through Core Banking Systems, ‘Anytime Banking’ through new, 24/7/365 delivery channels such as Automated Teller Machines (ATMs), and Net and Mobile Banking. In addition, IT has enabled the efficient, accurate and timely management of the increased transaction volume that comes with a larger customer base. It has also facilitated the movement from class banking to mass banking. One of the important and significant parts of Information Technology as far as banking is concerned is the concept of Mobile Banking. This feature is used by most of us in our daily lives but still some of us are still unaware about how much importance does this have in our lives. Over the last few years, the mobile and wireless market has been one of the fastest growing markets in the world and it is still growing at a rapid pace. Mobile phones have become an essential communication tool for almost every individual. Advent of mCommerce has managed to take mobile VAS to next level, adding tremendous value to telecommunication industry. Mobile banking which is an integral part of mCommerce has become very popular among mobile users ever since its existence in 2007. It creates new, convenient communication and fast financial transactional channel for mobile users which is accessible from anywhere, anytime. Checking account information, balance available, credit/debit...
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...does mobile banking provide to consumers? Why haven’t more many consumers adopted mobile banking yet? The first benefit the mobile banking offers is that you can use the bank service at any time. When you are traveling, you may not have access to a bank of ATM machine. However, if you have a cell phone, you may be able to set up mobile access for your bank account so that you can check your balance and transfer funds while on the road. Account security is another key benefit for mobile banking. While you are making transactions in business trip, you can also check your bank account on your cell phone for unauthorized transactions. To avoid that when you are getting home from a long trip, you discover that may have been a victim of fraud. Paying bills are the third feature of benefit. In current working environment, people are busy at work during the weekday, and therefore they may not have chance to handle their bills. Mobile banking offers a platform to access your bank account to pay your bills, such as utilities, credit card payments, and auto insurance. The last feature of benefit is that mobile banking offer complete security. People may wonder that what if cell phone is lost or have been stolen, the mobile banking will not as attractive as it should be. Thus, mobile banking encrypts your information, and adds more security on your account, which the service must be set up from a computer. Moreover, the phone can only store limited personal banking information...
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...of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. HDFC Bank is one of the Big Four banks of India, along with: State Bank of India, ICICI Bank and Punjab National Bank. Mission statement: HDFC Bank's mission is to be a World-Class Indian Bank. The objective is to build sound customer franchises across distinct businesses so as to be the preferred provider of banking services for target retail and wholesale customer segments, and to achieve healthy growth in profitability, consistent with the bank's risk appetite. The bank is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance. HDFC Bank's business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People. PRODUCT VERTICALS HDFC Bank offers a wide range of commercial and transactional banking services and treasury products to wholesale and retail customers. The bank has three key business segments: 1. Wholesale Banking Services The Bank's target market ranges from large, blue-chip manufacturing companies in the Indian corporate to small & mid-sized corporates and agri-based businesses. For these customers, the Bank provides a wide range of commercial and transactional banking services, including...
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...World retail Banking report 2012 Contents 3 4 7 Preface Key Findings Chapter 1: 8 12 21 Unlocking Pathways to Greater Customer Loyalty Customers Express Conflicting Sentiments toward Banks The Need for a Customer Experience Index The Growth of Mobile Banking 25 Chapter 2: At a Crossroads, Retail Banks Must Identify and Prioritize Core Strengths The Ground Beneath Banks Is Shifting Traditional Tactics Are Less Effective in the Current Environment The Way Forward: Extreme Measures for Extreme Times 26 28 32 40 41 Methodology About Us Preface Capgemini and Efma are pleased to present the 2012 World Retail Banking Report. Retail banks around the world are struggling to maintain their competitiveness in the face of severe external challenges. Massive debt loads are threatening the global economy, while stringent regulations put in place as a result of the financial crisis of 2008 are staunching traditional revenue streams. Customers, still distrustful of the industry, have become increasingly accepting of nonbank alternatives, and social media is giving them an opportunity to publicly explore them. More than ever, retail banks must strive to create stronger bonds with their customers. The 2012 World Retail Banking Report addresses this imperative by establishing a new framework for identifying and measuring success in retail banking. Specifically, our Customer Experience Index (CEI) offers a mechanism for accurately taking stock of the critical...
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