Bank of America’s mission statement is to help make financial lives better by connecting those we serve with the resources they need to be successful. The company is committed to delivering this by focusing on responsible growth together with social, environmental, and governance leadership.
The brand explains that it is investing in the success of its employees, helping to create jobs, developing communities, and fostering economic mobility. At the same time, it works on risk management and seeks to provide a return to its clients and businesses.
Bank of America mission statement explained through its components:
Help make financial lives better: Bank of America seeks to improve people’s financial lives. To do this, it proposes eight lines of businesses that address every stage of their financial activities. The brand focuses on three segments with different services for each one.
For people, it provides financial products for retail, investment solutions for preferred and small businesses, investment advice and guidance, and solutions to manage substantial wealth. For companies, it offers integrated financial guidance and solutions, global commercial banking, and global corporate and investment banking. For institutional investors, it provides services across the world’s debt, equity, commodity, and foreign exchange markets.
By connecting those we serve with the resources they need: All Bank of America’s products and services have been developed to attend the mentioned three groups of customers in the US, while outside the country it serves larger companies and institutional investors.
To be successful: With the bank’s help and capabilities, it is expected that all the customers can achieve both their business and personal goals. The bank will provide the necessary guidance and assistance to succeed. The bank states that it can only be successful when the individuals, companies, communities, and employees it serves are able to reach their own vision of success.
Bank of America Corporation is one of the main financial branches in the United States that was formed in 1998, after Nation’s Bank’s acquisition. The bank’s history started in 1904 when Amadeo Peter Giannini opened the Bank of Italy in San Francisco. In 1958, it issued the first bank credit card under the brand of BankAmeriCard.
Bank of America makes money, like any other bank institution, by net interest income from loans and other earning assets, which contributes about half of the company’s total income. The remaining half, the noninterest income, comes from fees and commissions it charges for the rest of the services it provides such as investments, brokerage, card income, and investment banking income.
Bank of America’s business model is known as click-and-mortar, which combines both the online and offline operations. Customers can access financial services through the company’s website and mobile apps too, increasing the convenience. It has managed to achieve this by investing in IT to support this model where it optimizes the operating speed and efficiency and adds customer satisfaction.
Despite it works with this omnichannel strategy, there are few services that are not available online. Many wonder how to delete Bank of America account and this is not possible. Customers need to sign a written consent to close an account.
First, it is recommended to cancel any recurring debits or credits linked and to clear the outstanding transactions. Then, they must visit a local financial center to speak with a personal banker and submit a request in writing to Bank of America.
Bank of America’s competitors are JPMorgan Chase, the top bank branch in the US with a balance sheet total of $2.74 trillion; Citigroup, with $1.96 trillion; and Wells Fargo / Co, with $ 1.89 trillion. BOA is positioned in second place with a balance sheet total of $ 2.38 trillion.
This case can be seen as an oligopoly because by 2016, the bank industry was already consolidated after 20 years of purchases and fusions. Almost 37 banks became the mentioned four in that period of time. Therefore, Bank of America is not a monopoly as it is comnpeting with three other big groups and it doesn’t hold the exclusive possession or control of the trade within this industry.
Bank of America’s vision statement is to be the world’s finest financial services company, and it was communicated by CEO Brian Moynihan during a corporate meeting held in 2019.
The company is in a strong position to fulfill this statement as it is one of the largest bank branches worldwide. The expansion process started in the 1930s and today, it has operations in 35 countries in Europe, Middle East and Africa, Asia Pacific and the Americas.
Bank of America’s core values are
Deliver together: They treat each client and employee as an individual and each moment as one that matters. They apply discipline and passion to such delivery.
Act responsibly: The company works with integrity and discipline. They are aware that their decisions and actions affect people’s daily lives. They strive for clear, fair, and grounded decisions.
Realize the power of our people: Bank of America is committed to help employees develop their full potential by respecting their differences in style, culture, ethnicity, and experience.
Trust the team: It fosters the team work to succeed and reach goals. The company acts as a whole to satisfy the customers’ needs.
Bank of America official site; Who we are; available at: https://about.bankofamerica.com/en-us/who-we-are.html#fbid=IenrNBjqeYI
Bank of America official site; Account Information & Access FAQs; available at: https://bit.ly/35CLc3M
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