Bank of America Mobile Banking

this paper is about the history of bank of america in mobile banking. when was it started how is it getting evolved over the period of time. and what new startegies they should implement to grow in this sector, what are the short comings, target segment, customers etc. would like to do the brand analysis , its competitors in this segment.Bank of America is struggling to position their mobile banking service in the continuously changing industry. The bank already has a mobile application but is evaluating if they should add more features to this app and how this will affect their clients.Building new apps would mean the opportunity cost is much higher if they were to take necessary resources away from other important business segments. At the same time this could add to the customization that customers are looking for from their financial institution.

Mobile banking had three options: mobile messaging (MSM and no software installation), mobile Internet (WAP), and mobile apps (more sophisticated and costly, Smartphone use was estimated to grow to 46% of user in 2014). 10 of the largest banks held 46.4% of total deposits, BoA being the largest one.

The banking industry was fragmented, with thousands of banks offering retail and wholesale banking services. The crisis of 2009 led to deep recession and a financial crisis that affected the retail banking business.Banks started waving fees and offering additional benefits in order to capture and retain customers.Mobile banking was introduced in the US in 2007 which added costs to each transaction but these were lower than call centers and IVR costs.Promotion

There are several distribution capabilities for Bank of America. Let’s look at the main forms of digital marketing; Mobile, Online, Onsite, and Social Media.

Mobile