Essay Case Analysis of Bank of America: Mobile Banking

1314 Words Apr 13th, 2012 6 Pages
Case Analysis of Bank of America: Mobile Banking

Marcus J. Durr
Professor Trittipo
AMBA 650 Section 9047
January 31, 2012

Abstract
During the tough time for the banking industry when many banks have gone into bankruptcy or have began add numerous fees to their service in order to stay afloat; Bank of American (BoA) has also experienced some of the effects of the financial crisis. In an effort to weather the storm BoA began to incorporate mobile banking. While its competitors were implementing their own mobile banking through mobile apps, mobile web, and short message system (SMS), BoA focused on the mobile app and mobile web only. This case analysis takes a look at some of the major strategic issues and problems, such as BoA
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Identification of the strategic issues and problems
With all the government imposed laws and guidelines, and with other major banks disappearing, Bank of America has the issue of trying to figure out what the future holds for the company and their growth as well as the issue of deciding on the best use of their mobile banking app for their customers. While other banks decided on using multiple setups for their mobile banking, Bank of America had to decide what was best for the company to keep costs low and what would encourage the customer to use this new form of technology.
Analysis and evaluation
The banking industry was caught in a bad spot due to bad mortgages, so the mobile banking market was a way that banks can gain the loyalty from current customers but also, gain new consumers. This was very important for Bank of America (BoA), since all the other major banks were doing the same thing, BoA had to focus on the mobile market and do something to make their product stand out.
One thing that BoA had to keep in mind is their internal environment or their strengths and weaknesses. Due to BoA being at the industry forefront they had the luxury of being the leader in many of the top cities and having their market cover majority of the U.S. population (Gupta, S., and Herman, k. 2010, p. 2). This individual fact is a clear strength for BoA

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