Issues
Bank of America, formerly known as Bank of Italy, was founded in 1904 and is now the second largest bank in the United States and one of the largest in the world. In 2007, with the fast pace in the growth of technology and smart phones, the bank presented its mobile banking application. There have been many hesitations in regards to bank’s mobile strategy. For one, there has been the fear that increasing the complexity of the app may slow it down and have a negative impact on the user’s experience. The bank has to make a decision in respects to upgrading the application. These updates include many parts such as the banks P2P systems, SMS option, creating different apps and reprioritizing the banks resources from other areas of business. …show more content…
Despite the current situation, the Bank of America has much strength and has been able to advance in the banking industry. In less than 3 years after launching its mobile banking, BofA gained four million more customers. The bank has always considered customer retention as they try their best to keep their current customers happy. For one, Douglas Brown, the senior vice president, considered increasing the complexity of the mobile application, however did not because of the fear that it may cause it to run slower and ultimately have a negative impact on the user experience. Although this can also be seen as a negative, it proves that the bank is always considering its customers and how to keep them satisfied. The bank has noticed that the application is more popular among customers who hold debit cards. The vice president has stated that customers with low balances use the app far more to check their updated balance on their cards. With this mobile application, BofA customers are able to bank on their own terms rather than having to worry about getting to the bank before closing hours. They have the choice to pay bills whenever and at their own speed. Owing to these strengths, Bank of America now has more than 30 million active online users around the world. If the bank continues to improve its services regarding its mobile application, customer loyalty will definitely
Bank of America, formerly known as Bank of Italy, was founded in 1904 and is now the second largest bank in the United States and one of the largest in the world. In 2007, with the fast pace in the growth of technology and smart phones, the bank presented its mobile banking application. There have been many hesitations in regards to bank’s mobile strategy. For one, there has been the fear that increasing the complexity of the app may slow it down and have a negative impact on the user’s experience. The bank has to make a decision in respects to upgrading the application. These updates include many parts such as the banks P2P systems, SMS option, creating different apps and reprioritizing the banks resources from other areas of business. …show more content…
Despite the current situation, the Bank of America has much strength and has been able to advance in the banking industry. In less than 3 years after launching its mobile banking, BofA gained four million more customers. The bank has always considered customer retention as they try their best to keep their current customers happy. For one, Douglas Brown, the senior vice president, considered increasing the complexity of the mobile application, however did not because of the fear that it may cause it to run slower and ultimately have a negative impact on the user experience. Although this can also be seen as a negative, it proves that the bank is always considering its customers and how to keep them satisfied. The bank has noticed that the application is more popular among customers who hold debit cards. The vice president has stated that customers with low balances use the app far more to check their updated balance on their cards. With this mobile application, BofA customers are able to bank on their own terms rather than having to worry about getting to the bank before closing hours. They have the choice to pay bills whenever and at their own speed. Owing to these strengths, Bank of America now has more than 30 million active online users around the world. If the bank continues to improve its services regarding its mobile application, customer loyalty will definitely