Presentation on theme: "Bank of America: Mobile Banking Precision Research & Design Ashlee Blair Daniel Carey Stephanie Fortna Brandi Stricklin."— Presentation transcript:
Bank of America: Mobile Banking Precision Research & Design Ashlee Blair Daniel Carey Stephanie Fortna Brandi Stricklin
Main Challenge WHO: Bank of America (Digital Marketing Group) WHAT: Increasing overall growth in mobile banking WHERE: BoA Headquarters; Charlotte, NC WHEN: January 2010 WHY: Functionality of apps to meet different needs and specific businesses. HOW: Should there be an increase in functionality of current apps, build new apps or refuse altogether to add complexity to current apps?
Industry Trends What industry does the brand compete? Financial Banking Industry Identify at least three important trends that affects this industry : Economic Downturn Bank Insolvencies Government Regulation Changes Dodd-Frank Consumer Protection Act Web 2.0 Social media
SWOT Analysis Strengths: Banking Supermarket Internationally Known Great Twitter & YouTube Presence Partners of MLB Weaknesses: Brand image Fees Limited functionality Opportunities: Social Networking Mergers & Acquisitions Globalization Threats: Downturn Economic Cycle Interest Rates Consumer Payment Government Regulation
Whats the brand competitive advantage? Strong commitment to diversity One of the largest U.S. Banks Whats the brand unique selling proposition? Unmatched Convenience Customer driven company What attributes and benefits the brand offer to their customers? Another channel to differentiate from competitors Customer accessibility Brand Analysis
Business Model Three Business Segments Global Consumer and Small Business Banking Global Corporate and Investment Banking Global Wealth and Investment Management Strategy Serve three groups of customers – individuals, companies and institutional investors Deliver all our capabilities in the U.S. globally Deliver capabilities on an integrated basis to meet the needs of customers and clients Create long-term relationships and a value exchange for what we provide Produce consistent long-term shareholder value, serve customers and clients, and create opportunity for our employees
Revenue Projected 5 year earning – Bank of America is in a tough position thanks to the fall of the real estate market – We estimate only a 2% growth rate in total revenue and that is being very optimistic – With such a growth rate Bank of America can expect revenues of 74 billion in 2015
Digital Marketing Social Media: Twitter Facebook YouTube
Digital Marketing Mobile Applications iPhone ®, iPad ®, Windows ® Phone, BlackBerry ®, HP ® webOS, Android Search Engine Optimization Sponsored Searches Website eCommerce Commercial for mobile banking http://www.youtube.com/watch?v=Ea_lKe9HvO4
In-Class Activity Time to put the thinking caps on!! 1.Examine the next 8 screen shots 2.Identify each of the popular phone applications http://youtu.be/u2mqqCMu-LM
Suggested Solution Bank of America has already done a good job of leading the way when it comes to mobile banking. Their competitors, however, are beginning to surpass them in functionality and BoA must improve their app to keep up. We feel that they should continue to operate the single app but add more flexibility and customization to it. For example, in the settings allow your customers to turn on and off different aspects of the application depending on their specific needs. A mom using the app can have a very simple home screen with her different account balances displayed and online bill pay functionality, while an investor can use the same app but include a stock market ticker, list of their investments, a virtual wallet, etc. By making the app customizable they can reach all the different needs of their customers while offering adaptability should that customers needs change. The application should continue to be offered for free, with occasional promotions to continue to improve on their customers adoption of the technology.