Bank of America Case Analysis Essay
Kesha S Mitchell
April 30, 2013
Marketing Management and Innovation
Professor Philemon Oyewole
In 2007, Bank of America (BofA) Corporation launched the largest secure mobile banking service in the United States and has over four million mobile banking customers. BofA mobile banking service gives the customers access to their checking accounts for balance, transfers funds and to pay bills through a mobile application (app) on their mobile phones and the mobile web on their phone’s browser.
In past years, BofA has been discussing the bank’s mobile strategies concerning mobile banking and how to incorporate mobile banking that is specific to the customer’s …show more content…
With over four million mobile banking customers, BofA is leading among its competitors in the mobile market because of the attributes in online banking with the superfluous convenience to access their bank accounts on the move. As banks are constantly finding ways to differentiate themselves from their competitors and connect with their customers, BofA online banking has increased its capital investments, reduced operational costs, retained its existing customers and gained new customers.
Technology has changed the banking industry by introducing the mobile internet, mobile messaging and mobile application. In order to use the mobile banking services, customers will have to use their mobile phones with a data plan, which works through a short message system (SMS) and wireless application protocol (WAP). The SMS works with all wireless operators and requires no software installation. And by having the WAP, the customers are connected to the bank’s online website by using the mobile phone web browser. Most banks already have an established online banking website which has been financially prosperous and cost effective option for their financial institution.
The appearance of mobile phones, such as iPhone, Blackberry and Android, has allowed banks to provide mobile applications. Mobile applications are systems software designed to run on smartphones, tablet