Page 33 - Bank of America E Teaching Note

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.