Banking Landscape
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Analyze
The banking landscape is quitter diverse in Texas. According to “Us Bank List” (2013), “There are 610 Banks and Credit Unions in the state of Texas” (para. 1). With as many options open to the public at large it, is important that Bank of America continue to be innovative and creative in bringing in new customers to the door. Todays dynamic and hectic lifestyles mean that potential new customers are looking for flexibility as well as compassion to their needs.
When researching the landscape that Bank of America operates in three main competitors come to the forefront. Citigroup, Inc., JPMorgan Chase & Co, and Wells Fargo & Company (“Yahoo Finance”,2013). Citigroup has a market cap of 137.44 billion dollars and annual revenue of 59.32 billion dollars. JPMorgan Chase & Co has a market cap of 185.53 billion dollars and an annual revenue stream of 91.66 billion dollars. Wells Fargo & Company has a market cap of 196.08 billion dollars and annual revenue of 79.45 billion dollars. In comparison Bank of America has a market cap of 135.90 billion dollars and an annual revenue stream of 75.16 billion dollars. To gain ground on the three major competitors Bank of America must focus on new services that are value-added to new customers. Part of the issue Bank of America must come to terms with is where to compete for new market share. “The banking industry has moved on to shift its focus from regulations, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and Basel II, to strategic imperatives on where they can compete and win in the coming years” (Deloitte, 2013, para. 2). The after-hours banking model is a virtually untapped resource where market share can be gained. With all of the online activities and automated systems people are looking for a more personal touch in their day-to-day lives. The personal touch is something Bank of America should offer to the growing base of non-traditional hourly working people who steadily make up a growing aerospace and industrial base here in Fort Worth, Texas.
Conclusion
In this paper the team has labored to analyze current competitors and define the competitive landscape for Bank of America. A description of organizational buyers and consumers for Bank of America provided. Factors that influence Bank of Americas purchasing decisions reviewed.