Bank Of America Essay

811 Words 4 Pages
The Bank of America (BofA) is one of the leading national banks in the United States. Founded as the Bank of Italy in 1904, then later renamed as BankAmerica Corp. They merged with a company called the NationsBank in 1988 and in 1990 renamed the bank to Bank of America. In recent years BofA has grown into a leading company. They were able to acquire 5 different companies to expand their business model, allowing them to have over 82% of the U.S. population market by 2009. They held leadership positions in 23 of 30 top metropolitan areas, and held the number one position in online/mobile banking. However, like most businesses, when the recession hit, BofA suffered many losses. The CEO at the time was Kenneth Lewis, and he had decided to allow the federal government to give the bank $20 billion for 36% of ownership in order to help stabilize the market. He quickly regretted the decision, leaving many people to lose trust in Lewis. A few years later in 2010 Brian Moynihan took over as CEO.

As the years go by and businesses continue to grow it is essential for them to keep up with new technology. Bank of America is no exception, they were
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It benefited many consumers that didn’t have time to stop at a branch or ATM. There were 3 different available options for mobile banking; SMS (text messaging), internet, and applications. The first of the three to take off was SMS because it provided a larger reach and was fairly easy sending account balances to its customers. The next one to follow was mobile internet banking. Consumers only needed to use the internet on their mobile device and it permitted them to not only check balances, but to transfer funds to and from different account. Finally, as technology of phones began increasing at a rapid rate and smartphones were introduced, BofA developed applications to “provide a richer experience”. This also enabled more features to be

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