1. Alternatives: First, it should build apps for other platforms also not only for iPhones and they should plan to add more functionality to these apps like credit card balance check or payment of credit card bills. It should also allow users to take benefit of mobile banking service regardless of being online user. Instead of concentrating on binding people to use both mobile and online banking they should concentrate more on customer satisfaction. Mobile banking is a very convenient channel to interact with clients as compared to other channels, as it is fast and can be accessed at any time from any place around the globe. BOA might have an adverse effect on its market share as compared to its peers/ competitors who are dominating the
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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 times and they are not out of the woods yet. However, there is some light at the end of the tunnel, and through the use of today’s technology Bank of America and other major banks are utilizing the highly competitive mobile