Bank of America has been involved in banking services since 1884, is the best banking, and finance service delivery due to the experience and improvement in the provision of services to clients. This paper aims at analyzing the various reasons attributed for the success of Bank of America and the benefits when using the bank of America.
Bank of America is the largest bank in assets and performs banking and financial service with its headquarters in Charlotte. It is the fifth largest revenue-generating corporation in United States and Forbes 2010, 3rd biggest company. It holds at least 12.5% of United States deposits and is largest wealth management corporation and investment service provider with 56 million consumers.
Bank of America’s success attribute to good brand perception developed over years through great customer experience and superior banking services. Good public relation and human resource management practices that aid in the provision of quality service, introduction of innovative online products and offer of accessible banking are other success reasons. Further reasons for Bank of America’s success include great customer service and immediate response to customer questions, high percentage of women in managerial and other working positions giving diversity to decision-making. To sum up the reasons for success of Bank of America is flexible financial services and banking to its customers, which has increased revenue generation and improved visibility (Onkvisit and Shaw, p. 45).
There are various advantages accrued when using bank of America including better understanding of financial services, great service, and efficient customer care service. Online account management, low account maintenance fees, high variety of services including savings account, health savings account, financial literacy information and access to rewards from the use of the company’s accounts and cards (Mills and Snyder, p. 88). International economic analysis and advice, mortgage and consumer loans are other benefits that come with the banking with the bank of America (Swift, p. 340).
In conclusion, quality service delivery, human resource and gender equality, great perception, branding and loyalty, great service and customer care and innovative products and services include the reasons for Bank of Americas success. Benefits of using bank of America include access to financial information, quality variant services, and low fees with high rewards. It is therefore a best decision to use bank of America as an investment bank.