The course of action I would suggest Bank of
America to take would be to continue with the development and advancement they
are now pursuing. I understand eBanking held value to many and that people
viewed Bank of America as good due to their no fee accounts. Even so Bank of
America is still holding true to their vision statement.
“Our responsible growth strategy is delivering strong, consistent,
high-quality results.”
– Brian Moynihan- Chairman the Board, chief
Executive Officer
The aspects discussed in the quote by Brian
Moynihan can be seen not only through various banking options at Bank of
America but also through their impacts they make on the world. In my mind, Bank
of America is staying true to their mission statement of giving itself
customers with individualized services although the way they produce that
service may not be appealing to many.
From reviewing the Environmental Safety and
Governance Leadership Report along with other information on the Bank of
America I do feel as though their course of action was reasonable. I see that
Bank of America wishes to update their company based on data that can be found
on their page about moving forward. This can be seen in a quote from the –
Brian Moynihan- Chairman the Board, chief Executive Officer "The widespread adoption of new technologies,
including internet services, cryptocurrencies and payment systems, could
require substantial expenditures to modify or adapt our existing products and
services as we grow and develop our internet banking and mobile banking channel
strategies in addition to remote connectivity solutions." While I agree with their decision, I
also believe that in the future Bank of America may see that moving forward
will also subject them to excluded certain demographics. They may also lose
various customers due to how they perceive the bank’s new exclusions.
In this situation, I do believe Bank of America
needs to do a better job at making other banking options known. Bank of America
provides low and medium income customers with a variety of options to explore.
Bank of America has introduced Safe Balance Banking which offers different
banking options with a low monthly fee of $4.95. I understand Bank of America
is still trying to turn a profit, but at the same time it seems that they are
still trying to make banking affordable. For this reason, I would sale the
image customers are used to, and display the other potential items made
available through Bank of America. I would honestly review the amount of money
this could produce, and let the amount of people allotted into this type of
banking, as I would not want an increase in customers to cost potential
revenue. I though Bank of America did well in the shift toward enabling to core
checking although there may be a struggle for a few (listed in the article as
representative state it is below 10% of user). Regardless of the SafeBalance
account Bank of America has offered Bank of America “Core” Checking Account is
as told to CNB by Bank of America spokeswoman Betty Riess
"This is one (core checking) of the lowest qualifiers in the industry and
a great value.”
Source:
Your expression is very clearly and I agree with you. When a bank wants to do some improvements, it needs to think about their customers. And if this is the certain result to give up e-bank, it will be much better to take care of their customers. Bank of American can change step by step and think about a new middle-progress protection.
ReplyDeleteYes I agree although horrible for a small percentage of customers bank of America has to be able to move forward in the modern technological society we live in today . After reviewing their statics on millennials which they are trying to appeal to it seems like a lot of work and costly especially since they are going to be competition with apps like Venmo.
DeleteDear Nikera,
ReplyDeleteI believe how you argue a valid standpoint, and I agree how BoA has to stride to growth and development. Furthermore, I agree with you that Bank of America needs to do a better job at making other banking options, such as Safe Balance Banking, known.
YEs I wish Bank of America would do better for a select through although weeding out the people who actually need such accounts could cause more money as more time is invested in the process along with a lot of backlash from the public on who qualifies vs non qualifiers and how you should go about the process as I see with many other subjects in America
DeleteDear Nikera,
ReplyDeleteI am sure that people at BOA can come up with a solution where they would charge more for something else, compensating that monthly fee, so that those of lower income can afford to have a bank account. I agree with you that they should continue with the current agenda that they are pursuing.
I feel like they could do better honestly. Although BoA never set those specific goals or objectives. Some of their outlook was as such but their intentions were to always appeal to the mass. Since BoA is subjected to a laws and regulation just as other organization they have accounts like SafeBalance to satisfy the minimum.
DeleteDear Nikera,
ReplyDeleteI think your opinions are objective and convincing. For instance, you recommend that Bank of America could do a better job at making other banking options known. You analyzed their banking options and affirmed their efforts. I agree with you.
Thank you I wish I was able to attain the paper work on the laws and standard BoA have to up hold to help people of low income out.
Delete