Case Analysis: Bank of America: Cellular Banking

 Case Evaluation: Bank of America: Cellular Banking Article

Case Analysis: Bank of America: Mobile Banking

Company Overview:

Traditional bank of America is the greatest US traditional bank founded in 1904, it has expanded through several purchases. By the end of 2009, Financial institution of America was the industry leader portion 82% in the US human population and over 53 million customers. They are situated as leading in on the internet and mobile banking. Their portable banking companies were launched in 3 years ago and have received 4 , 000, 000 customers in less than three years. Purchases made by Bank of America prior to the financial meltdown caused an extremely strong drop in their share price. Customers:

In 2009, twelve million customers used portable banking which is supposed to grow to 37 mil by 2014. Customers apply mobile banking are not the same since online customers. Customers involving mobile bank represent a different sort of segment of the market that other financial customers. Protection issues, a perceived low value and expense, were the primary reasons that clients did not go for mobile financial. Potential customers had been reluctant to try a new financial service which can be represented an extra cost and so they were also afraid of losing charge of their financial situation. Debit consumers were one of the most active users. It was practical for them because they could check their account at any time. Customers that used this service improved their common banking channels and as a result -the bank had a higher preservation for these users of on the web services.

Competition/Competitors:

Bank of America's main competitors were: Bank of New York Mellon, JP Morgan Chase & Co., Water wells Fargo & Co., Citibank, and PNC Financial Services. These types of competitors also used mobile banking to assure good support for their clients. They employed SMS, customized web browsers and apps, with respect to the bank and the customers that they served. Citibank and Bore holes Fargo had different applications customized for his or her target groupings.

General Circumstance

Considering that the banking industry is fragmented, with a large number of...


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