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Consumer Control Brings Brand Loyalty to Bank of America

In: Business and Management

Submitted By kkmom1003
Words 363
Pages 2
Bank of America's foray into mobile banking is more than a gimmick, and its iPhone application is more than just a reason to issue a press release. Underlying all of the marketer's moves into mobile services and marketing is a key insight: Give people more control over their banking on their own terms, and you'll win their loyalty.
BofA is one of a small but growing group of marketers that have figured out that mobile marketing isn't about advertising. That's not to say mobile advertising will play no part, but that mobile, like most things digital, is not a channel so much as a way consumers live their lives and, consequently, a way marketers have to conduct their business.
The biggest U.S. bank launched its mobile website in 2007, becoming one of the first major U.S. banks to invest in the platform, to position it to take advantage of the next frontier: mobile transactions. BofA was the first to launch an iPhone banking application, today the handset's most-downloaded financial app. With more than 2 million of its 59 million customers using its mobile banking application, Bank of America can lay claim to having the highest adoption rate of mobile-banking usage among its competitors.
Between 8% and 10% of the bank's mobile-banking customers are new to the bank, suggesting that mobile was an influence in their decision to choose the bank.
The payoff has made a "material impact on customer satisfaction," said Douglas Brown, senior VP-mobile product development, declining to disclose quantifiable details.
Customer experience key
The bank's approach to mobile was informed by proprietary research, including studying how consumers interacted with mobile. It also reached out to players in the wireless ecosystem, including carriers and handset makers. From analysis to launch, the process spanned roughly a year, and understanding the customer experience was key to the

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