Case Study of Bank of America

Case Analysis of Bank of America: Mobile Banking

Executive Summary

These have been tumultuous times for the banking industry, with so many becoming bankrupt while others have increased their fees substantially to offset their losses. Bank of America has not been an exception to the impact of the economic recession. Through these hardships BOA implemented the mobile banking concept. BOA’s competition also promoted their brand of mobile banking through various venues such as text messaging, mobile apps and mobile web through the use of smart phones. However, BOA’s promoted only the mobile app and mobile web. The below case study analyzes the main strategies BOA utilized and some of the issues that resulted; such as limiting their market outreach by omitting the use of text messaging. It also analyzes some of the strengths of capitalizing on an innovative trend taking the market by storm. The study ends with recommendations as mobile banking gains further leaps and bounds in the banking world.

Presentation Of Facts

Bank of America has a large presence in North America with huge name recognition and expansive branding initiatives they seem to be prevalent in every US city. Recent years have been utmost challenging within the banking world and although overall banks are recovering they are far from where they once were. Through the use of innovative technology large banks including Bank of America have found some restoration and a resurgence of health in their weakened industry. This technology has brought ease of banking to the very hands of their consumers. As we enter 2014, mobile banking seems to be more and more the norm and traditional banking has taken a back seat as more old school. This concept is being utilized from large to small banks as well as credit unions. Even through the level of success achieved with mobile banking it has not been without some challenges along the way and that will continue to emerge down the road for Bank of...