...Bank of America Case Analysis Bank of America has always sought to be the leader in perceiving the technological changes of the market and react to it in the fastest way possible. Though it has developed a mobile application for its customers to utilize for their daily banking transactions, it is faced with the challenge of integrating the demands of its LOBs to enhance the existing application to put in the functionalities pertaining to their business. The Bank of America executives have to make a decision as to what would be more feasible for them to do in this situation-make a new application for their LOBs, integrate the functionalities in the existing application or not to make any changes to the existing framework and let it function as it is. The Bank of America mobile application has helped the bank increase its retention rates and the overall customer satisfaction. While the mobile application is currently being used by its customers for basic account level transactions, it still has a lot of room to expand in the domains of Credit Cards and mortgage payments. The LOBs demands of cashing in on this technology seems to be legitimate and something that can be achieved at a lesser cost. But the customer’s apprehension to put their trust in the usage of this channel is something to be looked at before the bank starts utilizing its resources in developing or integrating the applications with the appropriate functionalities. Bank of America has a well-developed and mapped...
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...Bank of America Case Assignment: 1. What are the core business processes[1] (high level; major business and financial services) performed at Bank of America as part of its product and service offerings? |Core Bank of America Business Process: |Activities within the Core Process | |people management |recruiting | | |performance management | | |staff development | | |payroll | | |benefits administration | |financial management |general ledger | | |accounts payable | | |accounts receivable ...
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...AMC Toyota Production System (TPS) AMBA 640 Professor Breckon Executive Summary This paper will examine the use of Data analytics and Sustainable Supply Chain for Acme Mexico City. Introduction Acme Mexico City is facing a major decision with finding the appropriate number of employees that will be needed on the floor during any given point during the day to meet the needs of the customer and creating a supply chain that will meet the demands. Body Data analytics refers to qualitative and quantitative techniques and processes used to enhance productivity and business gain. Data is extracted and categorized to identify and analyze behavioral data and patterns, and techniques vary according to organizational requirements. (Technopedia) By adding data analytics to Acme Mexico City is would give them a competitive advantage and achieve an insights into consumer shopping patterns that directly affect the business. Data analytics would help facilitate Acme’s decision on how many part time customer service agents to have on the floor at any given time. However, there are limitations with the use of data analytics. Big data analytics is not only positive as it also offer some challenges. Data analytic technique requires powerful computers along with employees who are able to interpret the raw data. Data creates bigger haystacks. As we acquire more data, we have the ability to find many, many more statistically significant correlations. Most of these correlations are...
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...Problem Statement Bank of America is struggling to position their mobile banking service in the continuously changing industry. The bank already has a mobile application but is evaluating if they should add more features to this app and how this will affect their clients. Situation Analysis Company • Bank of America is the largest U.S. bank holding company; it was founded in 1904 and expanded with several acquisitions. • By the end of 2009 BoA was the leader in the market, serving 82% of the US population (over 53 M customers) and positioned number one in online and mobile banking. • Very strong and best-managed banks before the crisis which brought losses and a very strong drop in stock price. • Mobile banking was launched in 2007 and in less than 3 years they have 4 million customers using the service. Customers • Chose their bank based on low account minimums, competitive rates and convenient locations. • In 2009 10 million consumers used mobile banking and this was expected to grow to 37 million by 2014. • Customers willing to use mobile banking are not the same as online users. • Security issues, low value and cost of data access were the primary reasons why customers would not use mobile banking. • Debit card holders were the most active users because of the convenience of checking their account balances at any time. • They are reluctant to try a new banking service if it represented an extra cost and were also afraid of losing control of their finances...
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...Executive Summary Bank of America Bank of America Corp. Group Members: Mary Bruton Shawn Harsaran Carlos Leal Tom Egurrola Jennifer Stanis Broward College MAN4720 September 09, 2013 Professor James Popino According to Bank of America, they’re focusing on creating real, meaningful connections with individuals, businesses and communities to help them connect with what matters most. Bank of America is proud to partner with 57 million customers, bringing them skills and expertise, to help make their financial lives better. (Bank of America company overview, n.d). These ideas and objectives are further exemplified through Bank of America’s mission and vision statements, as well as its objectives and strategies. Mission Statement According to David (2011), the mission statement answers the question “What is our business?” A mission statement is more than a statement of specific details; it is a declaration of attitude and outlook. Bank of America’s mission statement is “We built Bank of America to meet the fill range of financial needs for people, businesses, and institutional investors; to attract the best employees to serve our customers and clients; to support the communities where we do business; and to create long-term value for our shareholders.” Vision Statement According to David (2011), a clear vision provides the foundation for developing a comprehensive mission statement. Bank of America’s vision statement is “Our vision...
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...Case Study: Bank Of America How it learned that what customers really want is to Keep the Change THE PROBLEM Innovation in services is rare. In financial services, the last big breakthrough was online banking, nearly a decade ago. In October, 2005, Bank of America (BAC ) brought out a radically different product that broke the paradigm. It's called Keep the Change.The cocept solves a critical banking problem -- how to get consumers to open new accounts. The product works like this: Every time you buy something with a BofA Visa debit card, the bank rounds up your purchase to the nearest dollar and transfers the difference from your checking into your savings account. It also matches 100% of transfers for the first three months, and 5% of the annual total, up to $250 a year. Since the launch, 2.5 million customers have signed up for Keep the Change. Over 700,000 have opened new checking accounts and 1 million have signed on for new savings accounts. THE RESEARCH How did Bank of America create Keep the Change? In the spring of 2004, it hired an innovation and design research firm in Palo Alto, Calif., to help conceive of and conduct ethnographic research on boomer-age women with children. The goal was to discover how to get this consumer segment to open new checking and savings accounts. For the next two months, a team of five BofA researchers and four researchers from a West Coast consulting firm visited Atlanta, Baltimore, and San Francisco. They observed a dozen...
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... | |Bank of America | | | | | |Name | |University | | | | | Bank of America Identification of Strategic Issues and Problems The Bank of America operates in an industry marked with rapid changes, the financial crisis and evolving technology. There are two challenges faced by Bank of America at this point. For the long term, the Bank faces a challenge in positioning itself. This is because mobile banking is evolving rapidly and could have a significant influence not only on Bank of America but also the whole financial...
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...Bank of America Case Questions: 1. What are the core business processes (high level; major business and financial services) performed at Bank of America as part of its product and service offerings? Core Bank of America Business Process: | Activities within the Core Process | Financial management/banking | * checking accounts * saving accounts * mobile banking | Lending/Borrowing | * mortgages * home loans * car loans * credit/debit cards * refinance | Investment | * life insurance * home/auto insurance * retirement guidance | Financing | * asset based lending * business loans * lines of credit * real estate financing * equipment financing/leasing | 2. List the sequential steps required in a typical ATM transaction, such as drawing out cash or transferring funds from one account to another, and briefly explain why each of these steps is necessary. Use a table to organize your response and do not overlook steps in the process that are performed either by the ATM system or by information systems housed within the Bank’s centralized data center. Steps by Customer | Steps by ATM System | Steps by other Banking Systems | Insert card | Recognize card | | Enter PIN # | Validate PIN # | Send BOA account info | Select Cash Amount | Confirm funds are there | Confirm funds are available for BOA | Pay withdraw fee | Inform customer of withdrawal fee | | Receive Cash | Send out cash | | 3. What does your interactions...
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...1 Jamelle Reeves Assignment 1: Bank of America or McDonald’s Case Study Valencia Westray-Miller HRM532 Talent Management 2 Bank of America's talent management program led to success for the company Bank of America's executive performance and retention strategy breaks down into the objectives set out in Figure 2.1 (Fisher and Congel, 2009, p. 22), 'attract, retain and develop great leaders.' This process occurs in distinct phases over the first 36 months of executive promotion but begins even before the new hire, if 'attracting great leaders' requires adequate compensation, with "clear and calibrated" (Fisher and Congel, p. 25) criteria screened by recruitment specialists. This includes more than business skill, extending to integration into the existing executive team as well as the total human resource silo the executive will ultimately oversee. This overall fit is assessed in order to prevent "derailment" (Fisher and Congel, 2009, p. 24) through conflict or loss of credibility at the head of a changing and challenging culture. Job development takes place prior to selection and incorporates the needs and objectives of the stakeholders who will depend on the new executive, presumably reducing the likelihood of revolt during and after transition and facilitating success before individual talent...
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...International Management II (Core Competencies) Case Study Bank of America (A) by Alexander Beil Christoph Hillgärtner Florian Schlegelmilch Harvard Case Study: Bank of America List of Contents 1. Introduction / Definitions 2. Overview “Bank of America” 3. Product development processes 4. Strength and weaknesses of the systems 5. Learning through experimentation 6. Conclusion / Learnings 7. Summary 8. Questions for group discussion 9. References 1 Harvard Case Study: Bank of America 1. Introduction / Definitions Description of the case study “Bank of America (A)” * The case study describes how Bank of America is creating a system for product and service innovation in its retail banking business. Emphasis is placed on the role of experimentation in some two-dozen real-life "laboratories" that serve as fully operating banking branches and as sites for testing new ideas and concepts. Focuses on: 1) how learning from experimentation can be maximized; 2) incentive and reward systems that motivate employees to experiment in "life" environments; 3) the challenges of managing innovation in an industry that eschews risks, failure, and change. *Reference: http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=603022 Harvard Case Study: Bank of America 1. Introduction / Definitions Process: which activities are to be taken, in which order* Organization:...
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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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...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...
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...n: Business and Management Case Analysis: Bank of America: Mobile Banking Introduction Bank of America is one of the largest U.S. bank holding companies; it was founded in 1904 and expanded with several acquisitions. Mobile banking was launched in 2007 and within three years Bank of America had 4 million active customers using this service. Mobile banking may be the single biggest innovation the global banking industry has seen. From smart phones to tablets and laptops, banking customers are pushing their institutions to develop more mobile services. This success prompted line-of-business managers to request more functionality in the bank's mobile application that was specific to their businesses such as credit cards and mortgages and to determine how this change would affect their clients. Bank of America offers applications for over 800 devices, which include smart phones and BlackBerry devices. Bank of America was struggling to position their mobile banking service in the continuously changing industry. “The banking industry was fragmented, with thousands of banks offering retail and wholesale banking services.” (Gupta & Herman, 2010, p.2) Recognizing the potential impact mobile technology could have on the entire banking industry, Bank of America must decide on how to position itself within the mobile banking industry. This paper will identify the strategic issues, the benefits of mobile banking to customers and attempt to explain why some consumers...
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...Introduction Bank of America is one of the largest U.S. bank holding companies; it was founded in 1904 and expanded with several acquisitions. Mobile banking was launched in 2007 and within three years Bank of America had 4 million active customers using this service. Mobile banking may be the single biggest innovation the global banking industry has seen. From smart phones to tablets and laptops, banking customers are pushing their institutions to develop more mobile services. This success prompted line-of-business managers to request more functionality in the bank's mobile application that was specific to their businesses such as credit cards and mortgages and to determine how this change would affect their clients. Bank of America offers applications for over 800 devices, which include smart phones and BlackBerry devices. Bank of America was struggling to position their mobile banking service in the continuously changing industry. “The banking industry was fragmented, with thousands of banks offering retail and wholesale banking services.” (Gupta & Herman, 2010, p.2) Recognizing the potential impact mobile technology could have on the entire banking industry, Bank of America must decide on how to position itself within the mobile banking industry. This paper will identify the strategic issues, the benefits of mobile banking to customers and attempt to explain why some consumers have not adopted mobile banking. I will then analyze and evaluate Bank of America’s...
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...International Management II (Core Competencies) Case Study Bank of America (A) by Alexander Beil Christoph Hillgärtner Florian Schlegelmilch Harvard Case Study: Bank of America List of Contents 1. 2. 3. 4. 5. 6. 7. 8. 9. Introduction / Definitions Overview “Bank of America” Product development processes Strength and weaknesses of the systems Learning through experimentation Conclusion / Learnings Summary Questions for group discussion References 1 Harvard Case Study: Bank of America 1. Introduction / Definitions Description of the case study “Bank of America (A)” * The case study describes how Bank of America is creating a system for product and service innovation in its retail banking business. Emphasis is placed on the role of experimentation in some two-dozen real-life "laboratories" that serve as fully operating banking branches and as sites for testing new ideas and concepts. Focuses on: 1) 2) 3) how learning from experimentation can be maximized; incentive and reward systems that motivate employees to experiment in "life" environments; the challenges of managing innovation in an industry that eschews risks, failure, and change. *Reference: http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml?id=603022 Harvard Case Study: Bank of America 1. Introduction / Definitions Process: which activities are to be taken, in which order* Organization: who (person, team or department) is involved (who is responsible for what)?*...
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