Bank of America's Strategic Initiatives:
The traditional ways in which banks operate have been broken down by the recent political, socio-economic and technological changes that have occurred around the world. The recent changes have also influenced the economic trends, which have had a significant impact on the banking industry. Banks have largely been involved in product and geographical expansion in foreign and emerging markets because of globalization and deregulation. Notably, this process of expansion in the banking industry has been accelerated by the implementation of new technologies.
However, recent economic trends have also resulted in an essential change in the distribution and cost structure of financial services. This is because more non-banking institutions and online sources are offering banking business products because of the occurrence of disintermediation. Consequently, banks have been forced to alter their operations and change their ways of conducting business because of the resultant increased pressure on the whole industry.
Impact of Recent Economic Trends on BOA:
As a major player in the United States banking industry, Bank of America has been largely influenced by the recent economic trends that have impacted its operations. These has resulted in the bank's troubling trends with analysts predicting that it will have a difficult time to grow its business in the future (LaCapra, 2010). In the second quarter of 2010 fiscal year, Bank of America earned less money and generated less revenue than the first quarter because of the changing economic trends. Moreover, the corporation experienced a profits decline in four of its six business lines during the same period. This was also coupled by an ongoing loss of money in Bank of America's home loans division.
Bank of America's Strategies:
In order to adapt to changing markets and achieve its strategic goals, Bank of America has taken various strategic initiatives and tactics including:
Deepening Relationships:
For Bank of America to achieve its goals and increase its annual profits and revenues, the company has adopted a tactic of intensifying relations between its various business units (O'Daniel, 2010). This tactic involves improved measures to cross-sell bank accounts to investment clients, provide account holders with an investment account and offer products and services to clients that don't have broad relations with the corporation. Consequently, the corporation will not be involved in big acquisitions or mergers but rather improve its operations while shedding unwanted assets.
Customer-focused Strategy:
Bank of America is committed to attract, maintain and deepen a customer relationship from every customer relationship in order to achieve its goals ("Bank of America," n.d.). To achieve this, the corporation offers products and services that promote…
Data Warehousing: A Strategic Weapon of an Organization. Within Chapter One, an introduction to the study will be provided. Initially, the overall aims of the research proposal will be discussed. This will be followed by a presentation of the overall objectives of the study will be delineated. After this, the significance of the research will be discussed, including a justification and rationale for the investigation. The aims of the study are to
Bank of America: As part of its digital efforts and strategy, Bank of America introduced its mobile banking strategy in May 2007 to enable its customers to access services through their mobile phones. Through the initiative, the bank's customers can access services via applications on their smartphones, mobile web browser, and short message service (SMS) that was launched few months later. The mobile banking strategy proved to be a huge
Steps were also taken to organize a stock market in Lahore (Burki, 1999, pp.127-128). Also organized during this period were the Pakistan Industrial and Credit Investment Corporation (PICIC) and the Industrial Development Bank of Pakistan (IDBP), both of which were important to industrial development, obtaining "large amounts of capital from the World Bank, the former for investment in large industries, the latter in relatively smaller enterprises" (Burki, 1999, p. 128). This
FUNDING PROPOSAL Heal One World Non-ProfitMental Health Support RFP to the Bank of America Charitable FoundationTo Whom it may Concern,Please find enclosed our RFP for the period January to December 2023. Heal One world seeks to obtain funding from the Bank of America (BOA) Charitable Foundation for its Mental Health Support Project to be implemented in Los Angeles, CA. Heal One World is registered as a not-for-profit organization in the
Delphi Study: Influence of Environmental Sustainability Initiatives on Information Systems Table of Contents (first draft) Green IT Current Methods and Solutions Green IT and energy costs Green It and Email Systems Green IT and ICT Green IT and ESS Green IT and TPS Green IT and DSS Green IT and other support systems Green IT and GHG reduction Green IT and the Government Sector Green IT and the Corporate Sector Future Prospects of Green IT in the software industry The paper focuses on how the
Abstract In order to gather the challenges, it is necessary to rehabilitate organizations into learning institutions at the first step, so as to make them superlative. To make a change from a traditional to a learning organization, the main factor is leadership, which brings to light the goals and the main insights of the organization, assists workers to achieve their aims and helps them put up a learning condition which is
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now