Bank of America Mission Statement, Bank of America Mission and Vision Analysis, Bank of America Vision Statement, Bank of America Mission Statement, Bank of America Mission, Bank of America Corporate Values, Bank of America Values
Bank of America’s mission statement is to help make financial lives better by connecting those we serve with the resources they need to be successful. The company is committed to delivering this by focusing on responsible growth and social, environmental, and governance leadership.
The brand explains that it is investing in the success of its employees, helping to create jobs, developing communities, and fostering economic mobility. At the same time, it works on risk management and seeks to provide a return to its clients and businesses. Checkout: Nike Mission Statement 2023 | Nike Mission & Vision Analysis
Bank of America Mission Statement
Bank of America aims to enhance people’s finances. This is done by proposing eight business lines that cover all economic stages. The brand serves three sectors with various services.
Retail financial products, investment solutions for preferred and small enterprises, investment counseling, and wealth management solutions are available to people. It provides companies with integrated financial solutions, global commercial banking, and global corporate and investment banking. For institutional investors, it serves debt, stock, commodities, and foreign exchange markets worldwide.
Bank of America’s products and services support the three US customer segments by linking them to resources. Larger firms and institutional investors abroad use them.
For success, customers should use the bank’s resources to achieve their personal and business goals. For success, the bank will guide and support. The bank says it can only succeed if its customers, businesses, communities, and workers succeed.
Introduction
Bank of America Corporation is one of the leading financial branches in the United States and was formed in 1998 after Nation’s Bank’s acquisition. The bank’s history started in 1904 when Amadeo Peter Giannini opened the Bank of Italy in San Francisco. In 1958, it issued the first bank credit card under BankAmeriCard.
Like any other bank institution, Bank of America makes net interest income from loans and other earning assets, contributing about half of the company’s total revenue. The remaining half, the noninterest income, comes from fees and commissions it charges for the rest of the services it provides, such as investments, brokerage, card income, and investment banking income.
Bank of America’s business model is called click-and-mortar, which combines online and offline operations. Customers can access financial services through the company’s website and mobile apps, increasing convenience. It has managed to achieve this by investing in IT to support this model, which optimizes operating speed and efficiency and adds to customer satisfaction.
Even though this omnichannel strategy works, a few services must be available online. Many wonder how to delete a Bank of America account, which is impossible. Customers need to sign a written consent form to close an account.
First, canceling recurring debits or credits linked to them and clearing the outstanding transactions is recommended. Then, they must visit a local financial center to speak with a personal banker and submit a request in writing to Bank of America.
Bank of America’s competitors are JPMorgan Chase, the top bank branch in the US, with a balance sheet total of $2.74 trillion; Citigroup, with $1.96 trillion; and Wells Fargo & Co., with $1.89 trillion. BOA is in second place with a balance sheet total of $2.38 trillion.
This case can be seen as an oligopoly because, by 2016, the bank industry had already been consolidated after 20 years of acquisitions and fusions. Almost 37 banks became the four mentioned in that period. Therefore, Bank of America is not a monopoly, as it competes with three other prominent groups and doesn’t hold exclusive possession or control of the trade within this industry.
Vision statement
Bank of America CEO Brian Moynihan outlined the company’s aim to be the top financial services provider in the world during a 2019 corporate meeting.
The organization can prove this with one of the world’s largest bank branches. Since the 1930s, it has expanded to 35 nations in Europe, the Middle East and Africa, Asia Pacific, and the Americas.
Core Values
Core values of Bank of America
Deliver as a team: Treat each client and employee as unique and value every minute. They deliver with discipline and commitment.
Be responsible. The company is honest and disciplined. They realize their activities affect people’s daily lives. Transparent, fair, and based decisions are their goal.
Bank of America values diversity and encourages employees to reach their full potential by recognizing their unique styles, cultures, ethnicities, and experiences.
Teamwork is promoted by trust, leading to success and goal achievement. The company meets client needs as a whole.
Resources
Find Bank of America’s Who We Are page at: https://about.bankofamerica.com/en-us/who-we-are.html#fbid=IenrNBjqeYI.
For account information and access to FAQs, visit Bank of America’s website at https://bit.ly/35CLc3M.
Britannica.com: Bank of America; https://bit.ly/3ivS1I8
Source: Harris, Pauline; Bank of America’s Business Model, Generic Strategy, and Intensive Growth Strategies, Rancord Society, 6/21/2019; available at: https://bit.ly/2FxEDVe.
Robert Johnson, “Bank of America’s Corporate Mission and Vision Statements,” Rancord Society, 06/21/2019, https://bit.ly/2FD74Rv.
Ruth King, “How does Bank of America make money?” Market Realist, 01/20/2015; accessible at: https://yhoo.it/32tR65f
Find Click and Mortar at A Better Lemonade Stand: https://bit.ly/32xZ0uJ.
Alicia PHANEUF, The Making of the “Big Four” Banking Oligopoly in One Chart, Visual Capitalist, 01/25/2016, https://bit.ly/2Rnh7wH
PHANEUF, Alicia: This Business Insider article from 8/26/2019 lists the top US banks by assets in 2020: https://bit.ly/32sWxkX