Page 163 - Flip Banks TG

Issue 4

ISSUE 4: Bank Pacesetters: Technology

“For years, we have focused on redefining retail banking and

improving the customer experience, both in our financial

centers and through our digital platforms. We call this

approach “high-touch, high-tech,” because it describes how

we are following customer behavior to combine

improvements in our 4,500 financial centers and new digital

capabilities to enhance the overall customer experience

however customers choose to

engage with us. In addition to advances in our digital and
mobile capabilities, which have resulted in digital sales

comprising 30 percent of total sales, we are investing to

refresh those centers and ATMs, and we are opening new

financial centers in areas where we are serving customers

and clients but have no retail presence, or too few centers.”

Moynihan (Ref: 2)

BofA has demonstrated that it knows how to use new

technologies to serve its customers. For example, Moynihan

has used Mobile Banking to build a competitive advantage

for BofA. Moreover, it increases the impact that it has on the

way people use their money on a day-to-day basis.