Bank of America

Problem definition and research objectives

The Bank of America believes in the importance of treating each customer, client and teammate as an individual and treating every moment as one that matters. They face fierce completion from regional and local banks all over the country. Their main competitions are: Citigroup, Wachovia, Wells Fargo as well as JP Morgan Chace & Company. The problem also facing the Bank of America is, how to stay on top, how to get higher market share because their market share is just 11.10% and the completion is not far behind with JP Morgan Chace & Company 8.70%. The Bank of America needs to find out how to server their customers, as they want something different when it comes to banking. They don’t want it to be a “traditionally designed bank brank”. By providing a wide range of services and to understand their customers, their lifestyles, etc., the Bank of America can then increase its market share.

Therefore, the decision maker needs to know how to possibly increase his market share in order to be first and to be better than his fierce competition. He also needs to know of ways in order to save his customers better and to meet their needs more and more. Are the customers happy with the services we offer, what new banking products will our customers be interested in, what are their tastes and preferences, and lastly are the customers willing to pay more.

They should listen to their customers and understand what they want from a financial partner, the Bank of America should build a full range of consumer financial products and services designed to help meet their needs. They need to make it easier for their customers to do their banking, and to provide access to guidance and solutions that match their financial goals and lifestyles. The Bank of America is connecting customers to a growing team of nearly 6,200 specialists in investment management, small business lending and home loans. They are adding more of these...