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BANK OF AMERICA INTRODUCTION Bank of America is one of the world largest commercial bank. It is the largest commercial bank in the United States with a huge asset base; in fact rated as number one bank with the largest asset base worldwide. The bank has a revenue income of $ 83. 980 billion; an operating income of $ 42, 877 billion; net income of $ 16, 447 billion. The bank has a labor force of 176, 638 as at 2005 (Wikipedia, 2006). The Bank of America is formed by Amadeo Giannini in 1920 s. Today the Bank of America operates through three divisions: Global Consumer and Small Business Banking; MBNA merger; and Global Wealth and Investment Management.
My reason for choosing this bank is the assuming status it has acquired for itself; as the world leading commercial bank and solid asset base and well spread services to customers. The status of the banks means that it should continue to strategize adequately in order for it to maintain the industry its market leader status it has acquired. INNOVATIVE SERVICE PUT UP TO SECURE ONLINE TRANSACTION Among the special features offered by the bank, include secured online services, such as online bill payment. For the bank to secure its online banking services, it has come up with recent inn ovation to secure its transaction against scammers and hackers. In April 2005 the bank, introduce its website redirection phishing scheme. This redirect online user from a fake and illegitimate website posing as Bank of America website to the real Bank of American website.
In additional, in May 2005 the bank also introduces the Site key password security and login facility. SUPPORT FOR REMOVAL OF OVERBURDEN REGULATION ON THE BANK OF AMERICA ACTIVITIES The Bank of America in recent times has allowed some of its depositors to trade with it online without paying commission on deposit as long as they keep $ 25, 000 in their deposits at the bank. Such free online equity trades, which the company introduced in the Northeast in early October, are now available to the bank's customers in D. C. , Maryland, Virginia, Florida, Alabama and Georgia. Some customers in the Carolinas also may be eligible for the service. The program will go into effect nationwide by February (Washington Business Journal, 2006).
This strategy is to increase the investors deposit base in the bank. This is another way of bringing about enough cash deposit for the bank transactions in lending and interest generation. Any hindrance to this move should be removed; as the strategy should be encouraged to expand to every place where the bank operates. In addition, the Bank of America in recent times has entered deal with other banks in outsourcing finance and accounting jobs. This is aimed at tightening the relationship with the bank and its customers. The Charlotte (N.
C. ) based bank, why it just inked a $ 1. 1 billion deal with India's Genpact to outsource finance and accounting jobs, and why it handed over administration of its human-resources programs to Lincolnshire (Business Week Online, 2006). Bank of American Corp. , for example, found that improving customer satisfaction by 1 % led to 3 % revenue growth. The outsourcing of fund for customers would led to tightening the bank relationship with them, and also providing a basis where customers would have a plain, easy platform to operate in their international business transactions. REFERENCES Business Week Online (2006), The Future of Outsourcing web (8 / 11 / 06) Tucci, Linda (2006), The Road to Innovation Is a Bumpy Ride web (13 / 11 / 06) Washington Business Journal (2006), Bank of America unit offers free online trades to certain depositors web (17 / 11 / 06). Wikipedia (2006), Bank of America web (9 / 11 / 06)
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