Online Banking offers Bank of America
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Online (website) banking offers Bank of America’s customers added convenience (the preferred banking method of 25% of customers), and at a lower cost than other methods such as in branch, ATM, or IVR. Online banking is also more suited to more complex banking activities such as credit card or mortgage applications. Bank of America has a range of complex businesses like global wealth management, large corporate lending, global treasury services, and investment banking that could benefit from improved online banking.. Online banking also shows added growth compared with other banking methods, with active adopters having a much higher number of transactions overall. Exhibit 3 shows that there is a greater retention of customers who use online banking than those who do not. Customers who bank online are also less likely to leave to go to another bank once they have setup bill payments online.
Online (website) banking offers Bank of America’s customers added convenience (the preferred banking method of 25% of customers), and at a lower cost than other methods such as in branch, ATM, or IVR. Online banking is also more suited to more complex banking activities such as credit card or mortgage applications. Bank of America has a range of complex businesses like global wealth management, large corporate lending, global treasury services, and investment banking that could benefit from improved online banking.. Online banking also shows added growth compared with other banking methods, with active adopters having a much higher number of transactions overall. Exhibit 3 shows that there is a greater retention of customers who use online banking than those who do not. Customers who bank online are also less likely to leave to go to another bank once they have setup bill payments online.