Bank of America Case Analysis Essay

1121 Words Apr 28th, 2012 5 Pages
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Additionally, the executives at the Bank of America cannot be sure whether their customers would prefer signing up for mortgages and credit cards using the mobile banking platform. On the other hand, mobile banking is one platform that is the basis of differentiation. Citibank incorporated credit card account information in its application for iPhone. This is just another reason for Bank of America to upgrade its application. In this regard, another option available to Bank of America is to create separate applications for the various functions (e.g. a separate application for small business customers). Here lies another problem; this would mean reprioritizing important technology from other areas such as ATMs and online banking.

There are two more options available for mobile banking. These include mobile internet and mobile messaging. It should be noted that the application mentioned earlier is applicable only for smartphones. A significant 85% of the mobile banking customers do not have smartphones, which leaves the option for using the SMS facility for the Bank. This method is costly for the Bank. Mobile internet (WAP) is available to most customers. And because most banks had the option of online banking, it was feasible for the banks as well. But most customers require a data plan for using the mobile internet and the small screen

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