Post on 29-Mar-2015
transcript
Bank of America: Mobile Banking
Precision Research & Design
Ashlee BlairDaniel Carey
Stephanie FortnaBrandi 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
Industry Rankings
Market Share
• Price• Free
• Product
Mobile Banking• Mobile website • Text banking • Mobile apps
• Place• Convenient access to your bank accounts
anywhere, anytime
Marketing Mix
Promotion
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
What’s the brand competitive advantage?
• Strong commitment to diversity• One of the largest U.S. Banks
What’s 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 ModelThree 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
• Previous 5 years
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
Competitive Landscape
Competitor: Wells Fargo
Competitor: J.P. Morgan Chase
Competitor: CitiGroup
DigitalMarketing
Social Media:
YouTube
Digital MarketingMobile Applications iPhone®, iPad®, Windows® Phone, BlackBerry®, HP®
webOS™, Android™
Search Engine Optimization
Sponsored Searches
Website
eCommerce
Commercial for mobile bankinghttp://www.youtube.com/watch?v=Ea_lKe9HvO4
In-Class Activity
Time to put the thinking caps on!!
1. Examine the next 8 screen shots2. Identify each of the popular phone applications
http://youtu.be/u2mqqCMu-LM
So how did you do?
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.
Banking Applications