Consumer Control Brings Brand Loyalty to Bank of America

In: Business and Management

Submitted By kkmom1003
Words 363
Pages 2
Bank of America's foray into mobile banking is more than a gimmick, and its iPhone application is more than just a reason to issue a press release. Underlying all of the marketer's moves into mobile services and marketing is a key insight: Give people more control over their banking on their own terms, and you'll win their loyalty.
BofA is one of a small but growing group of marketers that have figured out that mobile marketing isn't about advertising. That's not to say mobile advertising will play no part, but that mobile, like most things digital, is not a channel so much as a way consumers live their lives and, consequently, a way marketers have to conduct their business.
The biggest U.S. bank launched its mobile website in 2007, becoming one of the first major U.S. banks to invest in the platform, to position it to take advantage of the next frontier: mobile transactions. BofA was the first to launch an iPhone banking application, today the handset's most-downloaded financial app. With more than 2 million of its 59 million customers using its mobile banking application, Bank of America can lay claim to having the highest adoption rate of mobile-banking usage among its competitors.
Between 8% and 10% of the bank's mobile-banking customers are new to the bank, suggesting that mobile was an influence in their decision to choose the bank.
The payoff has made a "material impact on customer satisfaction," said Douglas Brown, senior VP-mobile product development, declining to disclose quantifiable details.
Customer experience key
The bank's approach to mobile was informed by proprietary research, including studying how consumers interacted with mobile. It also reached out to players in the wireless ecosystem, including carriers and handset makers. From analysis to launch, the process spanned roughly a year, and understanding the customer experience was key to the…...

Similar Documents

Bank of America

...operational and transaction costs in long run by providing more functionality in its mobile application and promoting its unique features. Moreover the cost of development of the application is very expensive. Second, it should classify its market segments based on Exhibit 3b (Global Consumer and Small Business Banking, Global Corporate and Investment Banking, Global Wealth and Investment Management) then designs a specialized application based on the needs of the target market. The advantage is that it would step ahead of its competitors in providing customized solution for each market listed above. In turn, it will increase customer satisfaction and that would lead to expand its current market in each segment. This will result in increasing mobile banking by integrating BOA’s business line spreading its platform to increase more market coverage.... 2. Case Analysis of Bank of America: Mobile Banking 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......

Words: 1584 - Pages: 7

Brand Loyalty

...www.ccsenet.org/ijms International Journal of Marketing Studies Vol. 3, No. 2; May 2011 The Influence of Brand Loyalty on Cosmetics Buying Behavior of UAE Female Consumers Dr. Hamza Salim Khraim Marketing Department, Faculty of Business Middle East University, Amman, Jordan E-mail: hkhraim@meu.edu.jo Received: January 24, 2011 Abstract The worldwide annual expenditures for cosmetics is estimated at U.S. $18 billion, and many players in the field are competing aggressively to capture more and more markets. The purpose of this article is to investigate the influence of brand loyalty on cosmetics buying behavior of female consumers in the Emirate of Abu Dhabi in the UAE. The seven factors of brand loyalty are brand name, product quality, price, design, promotion, service quality and store environment. Questionnaires were distributed and self-administered to 382 respondents. Descriptive analysis, one-way ANOVA and Pearson Correlation were used in this study. The findings of this study indicated that brand name has shown strong correlation with brand loyalty. The research results showed that there is positive and significant relationship between factors of brand loyalty (brand name, product quality, price, design, promotion, service quality and store environment) with cosmetics brand loyalty. Keywords: Female buying behavior, Brand loyalty, Cosmetics, UAE 1. Introduction The history of cosmetics spans at least 6,000 years of human history, and almost every society on......

Words: 6729 - Pages: 27

Bank of America

...Introduction: The Bank of America was formed in 1998 after the merger of California based Bank of America and the Nations Bank of North Carolina. At the end of the 20th century the bank stood as the second largest bank in the American market with close to 4500 branches operating in 21 states. Most of these branches were located in high growth markets of the south and west coast. Globally, it employed 1, 40,000 employees across 190 nations, over $8 billon in revenues, $360 billion in deposits and some $600 billon in assets. However the markets had been consolidating for sometime with the total number of banks in America having reduced to 7000 from an figure of 14000 first recorded in 1985. Intense competition characterized the market and the challenge for national banks was to be able to localize product and service offerings for their customers. Financial services had traditionally been looked upon as commodities by banks and lack of experimentation marked the sector. The sector was however slowly realizing that traditional methods of cost reduction and other control mechanisms could only take growth so far. ‘Organic Growth', a higher wallet share of existing customers was a concept of much relevance in the highly competitive market. For achieving this Bank of America had given more freedom to individual bank managers to undertake more responsibilities. Others like Washington Mutual (WAMU) had introduced new models of customer experience, benchmarking their services...

Words: 15439 - Pages: 62

Brand Loyalty

...of Brand-Loyalty Measures in Marketing by M. MELLENS", M. G. DEIh;ircs. iriight ;-',ISbe easier 2 to zhoose the right decision unit (condition d). They are usualiy based on surveys, and it may be possible to get data from the decision maker rather than the puxchaser by asking questions 410 the righe individual, Finakiy, they give insight into the rnoiivations for the corrsr~mer's cinoice behaviur, and these mativations are less ~ri:eiy to be influenced by random short-run fluctuations: Hoy:ex~er> attitu.dfl:ii measgrcs mqi net be scc-rafe rep;eselltaticn of ~eaiily they are nstbbasea on actual prrrrcmses. A consu-as mer ma.y r~~tionalize choice when questioned by ths researcher, and his make up a~ zvaluaticjn of brands even when no explici! evaluation is made in r e d shopping siiuarions. Moreoverj other variables t h a ~ attitudes are I~aown inRuence actxai purchases. For example. an Into tchwards Porsclle, but still not dividual n a y have a favo.=sbleattit~ade buy it due to hudget .;onsrr:iii~rs. Xenze, the validiijl of attitiid'l~~al q ~ v measures depends on the strength of the attitude-behavior relationship. Furthermore, attituclinal measures are often based on data observed at a sing12 point in time. Their incideiltal n a b r e might be attenuated by collecting attitudillal data on a longitudinal basis, but the costs in doing so may quickly become prohibitive. I~:cii1)r'dzrn!-cirit.?7fei!~ . Y L !h r a ~ ~ ! - ~ r i e l ? rzcaslires !*P s fe(! Brand loyalty is...

Words: 6741 - Pages: 27

Bank of America

...Design | Bank of America | Mobile Banking | | Ashlee BlairDaniel CareyStephanie FortnaBrandi Stricklin | 8/4/2011 | | Table of Contents * Introduction: Main Challenge ……………. 2 * Industry Description ……………………… 3 * Brand Analysis…………………………..... 8 * SWOT Analysis………………………….... 10 * Business Model …………………. ………. 13 * Digital Marketing ………………………… 16 * Suggested Solution ……………………….. 21 * Exhibits …………………………………… 23 * References ………………………………… 26 Introduction Bank of America launched mobile banking in May 2007. Mobile Banking lets customers easily and securely access balance information, pay bills with optional Bill Pay service, transfer funds, and find nearby ATMs and banking centers through a mobile application on their smartphones, and through mobile web on their phone browser. Main Challenge WHAT: Increasing overall growth in mobile banking in the financial services industry. Douglas Brown Senior Vice President of Mobile Product Development was quoted, “In less than 3 years we have four million mobile banking customers. That’s an adoption rate almost five to eight times that of our online banking several years ago.” Line-of-business managers are looking for leveraged mobile platforms to meet the needs of their specific businesses. The capabilities of mobile banking through the use of your smartphones or mobile web have become popular with today’s bank customers. WHO: * Jen McDonald, SVP of Bank of America......

Words: 5971 - Pages: 24

Brand Loyalty

...self-described brand-loyal informants would you consider to be the most loyal? Which is the least loyal? Rank the seven informants in terms of their brand loyalty. 1. Wendy Wendy was a manager and she doesn’t take price into consideration. Still with this approach she always stick with dunkin donuts and not only this, she used to recommend the same to her friends. She was highly satisfies with the brand and had a collection of mugs and other things from the same brand. She had a view of long term relation with this brand and was not looking for a change. 2. Pamela Her purchase history with Gevalia is 90% she is very satisfied with the service and also has good words of mouth for this brand amongst his friends. She purchases other products that are not coffee from Gevalia. But she had a history of many different brands in last 15 years. She also reflected the tendency of going to another place for fast service. She also reduced from 30 cups a day to 2 cups a day. 3. Frank Has a good consumption but also focusses on the price. Despite the fact that he had good sequence of purchases he is very likely to be carried away by other brands using different promotional strategies. 4. Ann Is presently satisfied with her brand but her consumption and purchase history has very low weightage in it. She lacks words of mouth for her brand amongst her friends. She is also sensitive to price as frank because of which it is likely that she would go with another brand having good......

Words: 750 - Pages: 3

Factors Affecting Brand Loyalty Among Small Scale Savers (a Case Study Bank)

...FACTORS AFFECTING BRAND LOYALTY AMONG SMALL SCALE SAVERS (A Case Study Bank) ABSTRACT The purpose of the study was to find out the factors affecting brand loyalty among small scale savers. This was a descriptive sample survey which targeted 100 customers of Equity bank Nairobi. The specific objectives of this study were to establish who loyal customers to Equity are, to determine the factors that make the customer satisfied, to examine how awareness work to help brand loyalty and to determine what factors need to be improved to increase customer satisfaction in Equity Bank. A questionnaire was used as an aid for data collection where both open ended and closed ended questions were used to collect qualitative data respectively. Data was analyzed using descriptive statistics presented in tables and charts. The results of the study revealed that Equity clients are generally satisfied with the company. However this satisfaction seems to have an effect on the number of clients who are willing to repurchase or re-patronize Equity products. In effect, the more satisfied customers are, the more loyal they are likely to be. In a highly competitive industry like banking, loyalty is everything. Loyalty facilitates positive word of mouth about the company. Loyalty has also had a positive effect on the bottom line of Equity Bank. Although the increase in profits year in year out has been below the targeted, it is in the right direction. One major factor of concern that......

Words: 11498 - Pages: 46

Bank of America

...RESEARCH & DESIGN Bank of America Mobile Banking Ashlee Blair Daniel Carey Stephanie Fortna Brandi Stricklin 8/4/2011   Table of Contents  Introduction: Main Challenge ……………. 2  Industry Description ……………………… 3  Brand Analysis…………………………..... 8  SWOT Analysis………………………….... 10  Business Model …………………. ………. 13  Digital Marketing ………………………… 16  Suggested Solution ……………………….. 21  Exhibits …………………………………… 23  References ………………………………… 26   Introduction Bank of America launched mobile banking in May 2007. Mobile Banking lets customers easily and securely access balance information, pay bills with optional Bill Pay service, transfer funds, and find nearby ATMs and banking centers through a mobile application on their smartphones, and through mobile web on their phone browser. Main Challenge WHAT: Increasing overall growth in mobile banking in the financial services industry. Douglas Brown Senior Vice President of Mobile Product Development was quoted, “In less than 3 years we have four million mobile banking customers. That’s an adoption rate almost five to eight times that of our online banking several years ago.” Line-of-business managers are looking for leveraged mobile platforms to meet the needs of their specific businesses. The capabilities of mobile banking through the use of your smartphones or mobile web have become popular with today’s bank customers. WHO: • Jen McDonald, SVP of Bank of America (Digital Marketing......

Words: 5890 - Pages: 24

Brand Loyalty

...Brand loyalty Click below Link for Answer http://workbank247.com/q/brand-loyalty/3937 http://workbank247.com/q/brand-loyalty/3937 This assessment asks you to write an essay on the topic of brand loyalty. The essay question is: Is the use of rewards and loyalty cards an effective way to build brand loyalty?In your essay you need to examine the affect of brand loyalty on the consumers’ purchase and product involvement and their decision-making process.Preparing for your essayYou need to do research using relevant academic and industry sources and prepare an argument.Below are some steps to help you gather the relevant information and prepare your essay.Step 1: Develop an understanding the marketplace and the current rewards systemIn an attempt to win the “supermarket war”, Coles has recently introduced a revised loyalty rewards systems.Please go online and review the details of the reward system on the Coles website and review the case study story called “Has Coles got revamped flybuys right?”See website link to B &T Magazine on Interact site In addition to these sources, you need to understand the situation in the market place- so it is a good idea to search for other media stories related to loyalty programs in other supermarkets.Step 2: Theory about brand loyalty and the decision-making stagesYou need to include theory in your essay, so in addition to the text book, you need to find some academic journal articles. Please use the followingtwoarticles:Bridson, K.,......

Words: 564 - Pages: 3

Brand Loyalty

...exotic-skinned accessories by Gucci. No, this is not the Avenue des Champs-Élysées or Bond Street, but the departure lounge of Heathrow Airport’s Terminal 5, where passengers buy over $450 million per year of perfumes, clothing, scarves, sunglasses, jewellery, watches, bags and small leather goods from brands including Alexander McQueen, Burberry and Chanel, the airport’s top performer. A similar scene plays out each day at a plethora of major international airports across the world, from Singapore’s Changhi and South Korea’s Incheon to Dubai International and Charles de Gaulle in Paris. But this wasn’t always the case. Indeed, in the last 20 years, airside retail has undergone a radical transformation. From Sideline to Strategic Priority “What you used to have at Heathrow and Gatwick, for example, was big old airport terminals, with a WH Smith and maybe a Knickerbox and a big greasy spoon café,” Brian Collie, former group retail director of the British Airport Authority (BAA) from 1997 to 2005, told BoF. But things began to change in the mid-1990s. “What we did was bring quality retail developers and architects to the airports,” said Collie. “And we were beginning to get demand from brands who had never really traded at the airport: big players like Chanel and Dior, who had always sold cosmetics through the duty-free operators, but had never had stand-alone stores.” The passengers who make up the majority of retail foot traffic at airports constitute something of a......

Words: 4689 - Pages: 19

Bank of America

...recommendations to the Bank of America on how to maintain and strenghen its competitive position. Paper Introduction: strategic Management analysis bank of america Introduction The report presents the findings of a strategic management analysis ofBank of America Corporation a financial services company that participatesin most facets of the financial services sector Bank of America is anationwide financial services company in the United States and the companyis the country's third largest banking company when measure by totalassets behind CitiGroup in first place and J P Morgan Chase in secondplace Hoover's Inc This report begins with an assessment of the external Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. Reliability in Service|.2 |3 |.6 |4 |.8 |3 |.6 ||Delivery | | | | | | | ||2. 8 |4 |.32 ||customer acquisition system | | | ||6. High-level of consumer awareness|.1 |4 |.4 ||3. Strong and effective online |human resources management ||customer acquisition system | ||6. Bank of Americaranks somewhat ahead of J.P. High-level of consumer......

Words: 1815 - Pages: 8

Brand Loyalty

...FINAL PROJECT BRAND LOYALTY Submitted By: Muhammad USMAN Mc070400252 Session 2007-2009 17-04-2009 Submitted To: Project Management Department MKT-619 Department of Management Sciences, Virtual University of Pakistan i DEDICATION I would like to dedicate this project to my respected Khawaja Saleem Warsi who made me able to enter to join MBA Program; He was a Professor in Government Islamia College, Karachi. His kind encouragement, help, and motivation has been supporting me at every stage during MBA, This kind Professor has always step by step with me when ever I faced problem during Study. ii ACKNOWLEDGEMENT Start with the name of ALLAH who is very beneficiary and merciful. I am very Grateful to Almighty ALLAH Who Gave me a Power to research and write on this report. After that I am very Grateful to My respected elder Khawaja Saleem Warsi who made me able to enter in MBA Program, than my guardian, my kind Instructor of Final Project (MKT-619) Whose Guidance and instruction Helped and encouraged me at every Stage of this Project. I will ever memorize this Great personality. I am also Grateful to my honest and sincere friends who provided me suggestions when ever I needed iii EXECUTIVE SUMMERY The background of the project is to analyze Brand loyalty of Toyota Corolla and Honda City Cars that success in the Car Market. I will find out the reasons and factors those make them strengthen and Strong position in the market for that I decided to work on......

Words: 24471 - Pages: 98

Brand Loyalty

...the population. Increased levels of brand advertising have also captured the imagination and awareness of the people. The cosmetic market caters to all sections of the masses, offering products ranging from a mere Rs. 100 to about Rs. 50000. The higher-end market range is considered to be within Rs. 1500 to Rs. 15000, while the middle market consumes products that are priced below Rs. 1500. The increased brand awareness has also aided the growth of many brands such as Loreal, Maybelline, Lakme, etc. People have also embraced the importance of quality of products. The disposable income is making the customers opt for better choices, most certainly in terms of grooming. Also, the changing mindset of the people has encouraged a much lavish approach to expenditure. The makeover of the Indian cosmetic industry has certainly worked for both India and its investors, and it certainly looks set to impress. As competition in the cosmetic sector is increasing day by day, consumers are continually bombarded with information on different brands in the same product category of cosmetics. In such a situation it might be very expensive for a company to create brand loyalty amongst existing customers. Therefore many marketing managers are concerned with the growing trends of switching brands. Reasons such as consumer's dissatisfaction, constant availability of new product, and an increased concern with price may lead to decline to their loyalty towards the brand. So it has become more......

Words: 554 - Pages: 3

Brand Loyalty

...Introduction and objectives The consumer brand relationship depends on largely on the successful establishment of the brand meaning. In highly competitive markets brand loyalty generates numerous benefits like erecting barriers to competitors, generating greater sales and revenues, reducing customer acquisition costs, and inhibiting customers' susceptibility to marketing efforts of competitors (Knox and Walker, 2001; Rundle-Thiele and Mackay, 2001). The primary objective of this research is to select three brand loyalty influences (from the twelve) in the article by Moola and Bisschoff (2014) then motivate why the three can be grouped together logically. The secondary objectives are to: * Expand on Moolla's questions by doing a literature study on three brand loyalty influences selected.   * Select a company / product of choice to apply questionnaire to * Analyse the data at least on inferential statistical level * Indicate expected outcomes the results will provide * Interpret the results and write a short report on what the data tells you * Apply result to management and managerial decision-making to show the advantage of the analysis. Figure 1.1: The conceptual model Adapted from Moolla (2010:197) 1.2 Hypotheses The following hypotheses were tested in order to assist in meeting the research objectives: H1: There is a relationship between customer satisfaction and customer trust when purchasing a home appliance brand. H2: There is......

Words: 7148 - Pages: 29

Brand Loyalty

... EKONOMSKI FAKULTET U SARAJEVU [pic] BRAND LOYALTY GRAD PAPER CONTENTS: BRAND LOYALTY 1 CONTENTS: 2 INTRODUCTION 3 The concept and definition of Brand 4 Brand Building Activities 6 Brand Loyalty 7 The definition of Brand Loyalty 7 The concept of Brand Loyalty 10 Factors of brand loyalty 20 1.Brand awareness 21 2.Perceived quality 21 3.Brand personality 22 4.Brand identity 22 Brand equity 24 MEASURES OF BRAND LOYALTY 25 Conclusion: 34 REFERENCES: 35 NOTES: 36 Abstract: Even though the number of brands has strongly increased in recent years, only a few managed to endow themselves with significant brand loyalty. Besides the actual proprietary brand assets, such as patents and trademarks, other major elements like brand loyalty, perceived quality, brand associations, and others, underlie brand equity. A successful brand strategy must be based on creating brand loyalty. For achieving this goal consumers must be classified on a loyalty basis, while marketing strategies and mixes must be shaped accordingly. INTRODUCTION The success of a firm depends largely on its capability to attract consumers towards its brands. In particular, it is critical for the survival of a company to retain its current customers, and to make them loyal to the brand. Brand loyal consumers reduce the marketing costs of the firm as the costs of......

Words: 14383 - Pages: 58

Sammlung | 29 novembre 2013 : la PlayStation 4 est enfin là | Hunter X Hunter