Bank of America

This article makes up Chapter 1 of the free, open access book titled, Information Systems: A Manager's Guide to Harnessing Technology, by John Gallaugher. Please ensure that you read the entire Chapter 1 of the book consisting of 3 parts (Part 1 Introduction; Part 2 Don’t Guess, Gather Data; and Part 3 Moving Forward).

Ally Bank is the subsidiary of Ally Financial Inc., which is a different type of bank, unlike traditional banks, All Bank does not have a lot of branches and ATMs, and it just has only two offices. Ally Financial Inc. was mainly used for General Motor vehicle purchases as a independent department of General Motors Acceptance Corporation (GMAC). In 2009, GMAC renamed Ally Bank, Ally Financial offer financial services for insurance and purchases for automotive department, while Ally bank provide the highest-level service to customers at the lowest cost. So this cooperation make the Ally bank become the best one in their industry.

1.Discuss how administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities / banking, a foundation of the economy.

Bank of America is an amazing bank. In 2002, my family decided to move to Virginia Beach. Since I was 10yrs old, I have banked with Bank of America ever since. The personnel at Bank of America are amazing! Every time I walk in, they greet me by my name and knows my family. In particularly, Bank of America helps me watch my credit cards and bank accounts. A couple of weeks ago, someone tried to use one of my credit cards. I had not realized anything until I received a new card with a different account number. So, I decided to call the company and they explained everything. Overall, I felt safe and secured that my credit card has protection, including my personal information and my accounts. In conclusion, its amazing how Bank of America has

Jamie Dimon’s approach to management of J.P. Morgan Chase is exactly what a top-level manager should have, to be successful in the financial industry. Of course, Dimon states that he does not like being considered a “control freak,” (Griffin, 444) but managing control of a Fortune 500 company is mandatory for J.P. Morgan’s goals achievement, longevity, and growth. I am surprised that Dimon maintains as much personal and hands-on control within the organizations complete framework without delegation, but then again, it is the one factor that makes J.P. Morgan a Fortune 500 company.

Bank of America is known for being a bit of a risk-taking firm. Acquisitions make up a large part of the past for the organization. Prior to the financial crisis in the early 2000’s, Bank of America acquired FleetBoston Financial in 2004, MBNA in 2005, and ABN AMRO North America and LaSalle Bank Corporation after that. The acquisitions provided advantages to set the organization apart from the competition. They were able to become a major player across the world and became a major credit card issuer as well.

Wells Fargo is a bank holding company providing diversified financial services such as community banking, wholesale banking and wealth management. Being one of the biggest banks in the US, it has whopping numbers of branches and connection spots, more than 9000 locations, over 12000 ATMs, and a huge online client group including over 20 million consumers.

It establish as a large national banking sector which is liable to perform its working activity as customer based banks that is providing the financial services within a small regional high as well as customer based bank. Bank of America uses the global operational system that performs careful operations in order to meet the customer demand and personal needs of Us Trust customers. Basically, the culture of this U.S Trust has a cultural that is just like a genteel that deals with the customer on the bases of the personalized, services category that they demand according to their current and requirement. This process divides in to two parts: execution phrase and assessment phrase.

Bank of America Corporation. Operates as a bank company that provides banking and nonbanking monetary services and merchandise through its banking and numerous nonbanking subsidiaries throughout the US and insure international markets. It operates through 5 segments: client & Business Banking, client land Services, world Banking, world Markets and world Wealth & Investment Management. The buyer & Business banking section offers a wide-ranging vary of credit, banking and investment merchandise and services to shoppers and businesses. Its merchandise embody ancient savings accounts, market savings accounts, CDs, IRAs, noninterest- and fixed costs checking accounts and investment accounts. The client the buyer the patron land Services section provides an in depth line of consumer land merchandise and services to customers nationwide. Its merchandise embody fixed- and adjustable-rate first-lien mortgage loans for home purchase and refinancing wants, HELOC and residential equity loans. The worldwide Banking section provides a variety of lending-related merchandise and services, integrated capital management and treasury solutions to purchasers, and underwriting and consultative services. The worldwide Markets section offers sales and commerce services, which has analysis to institutional purchasers across mounted financial gain, credit, currency, goods and equity businesses. The worldwide Wealth & Investment Management section

Bank of America is a multinational financial cooperation and a banking institution with its headquarters based in Charlotte, North Carolina. In terms of assets, the bank is ranked the 2nd largest banking corporation in the United States of America and the 26th largest company in terms of total revenue. The bank operates in more than 35 countries with a customer base of more than 47 million clients with 4,500 retail centers in the banking sectors. Its Chief Executive Officer is Mr. Brian Moynihan, who is also the chairman of the Board of Directors (Bank of America, 2017). The bank offers its clients with a variety of services such as asset management, banking, investment, credit and risk management services. This paper, therefore, seeks to explore the current opportunities, potential opportunities, and risks that Bank of America encounters in its business operations in different countries.

By starting out life where each product/service line was focused on as siloes, the bank’s value chain was nurtured as such. Each product/service line build homegrown software system to support their own business line. When a homegrown software was not viable, they purchased software systems instead, but still only to support their own business lines. As an example, when a retail location opened up an account for a customer, the information regarding that account was saved in the retail locations database, using the checking account number as the unique identifier. Information regarding commercial real estate transactions and loans were saved on the commercial database. This made the product/service that the bank provided as their main

Bank of America is a worldwide banking and financial institution that serves over 35 countries, most commonly located on the Anglo and Latin America clusters. Bank of America has close to 5000 banking location alone in the U.S. and locations in 7 countries of Latin America. “The bank's core services include consumer and small business banking, corporate banking, credit cards, mortgage lending, and asset management. Its online banking operation counts some 33 million active users and 20 million-plus mobile users” (Bank, 2017). The first Bank of America location within the U.S. was in 1904 in San Francisco, California and opened its first Latin America location in Mexico City in 1951. These two clusters have a very diverse culture and factors that affect the banking business in each location. In the U.S. the middle class makes up a majority of the population, while in Latin America most consumers fall below the poverty line, which is a huge factor in the banking business. According to Restuccia’s thoughts in the Latin America development problem (2013), “economic performance in Latin America has often been viewed as the outcome of macroeconomic adjustment, as many economies in the region have suffered numerous economic crises” (p 70). However, Bank of America strives to promote economic growth, helping their employees succeed and create jobs, as well as become mobile and accommodating at every location worldwide.

In today’s high-paced business environment, organizations succeed or fail based on how well they manage information internally and externally. To address this reality, successful organizations devote substantial funds to secure their information advantages. Companies must adopt new information technologies and methodologies and remove olds ones in order to avoid being left behind by its competitors. The information

One of the strengths of Bank of America lies within the digital banking realm. Customers appreciate not only the thousands of ATM’s available to them 24 hours a day, but also the various other digital options available such as: self-serve online banking, Teller Assist, and Apple Pay; all of which have been a huge success in regards to customer satisfaction and financial feasibility.

Electronic banking is an automatic delivery of the new and old banking system of products and services to the customers.They give the service by the electronic and interactive communication channels. Financial institution customers, individuals or businesses are included by the E-Banking system which allows the system to access the account and also transact the business to obtain information about financial products through a network which is public or private by including the internet.[1].