Bank Of America Essay

1902 words - 8 pages

Manage information system
Yung-Hsun Hung
Due date: 10.10.2012

1. What benefits does mobile banking provide to consumers? Why haven’t more many consumers adopted mobile banking yet?

The first benefit the mobile banking offers is that you can use the bank service at any time. When you are traveling, you may not have access to a bank of ATM machine. However, if you have a cell phone, you may be able to set up mobile access for your bank account so that you can check your balance and transfer funds while on the road.
Account security is another key benefit for mobile banking. While you are making transactions in business trip, you can also check your bank account on your cell ...view middle of the document...

Another major concern is compatibility. Mobile banking is not available on every device at the period of 2010. Some banks do not provide mobile banking at all. Others require you to use a specific mobile banking application which only available on the most popular smart phone, such as iPhone and Blackberry. If you do not own a smart phone, the types of mobile banking you can do are usually limited. Checking bank account balances via text message is not a problem, but more advanced features such as account transfers are generally not available to those phones which are not smart phone. Thus, part of reasons is that customers have not adopted yet are because the mobile banking did not promote the security properly and some devices that cannot support mobile banking software.

2. What is BofA’s motivation to offer mobile banking to its customers? What are the associated costs and risks to the bank?

The motivation for BofA’s is that it foreseen that the smart phone will become popular in the following years. With more cell phone companies launch their smart phone, the more platforms are available for BofA’s mobile banking software. Therefore, BofA was considering investing into the mobile banking industry. Besides more platforms will be available, BofA also can cut the cost through increasing its mobile service. Mobile services as well as ATM transactions should eventually cost less than handling transactions within a branch. Moreover, by ramping up the relationship with customers and put people more in control of their money. This will eventually increases loyalty and engagement. As a result, the relationship with customers will become stronger, and new customers will be likely to join BofA because of its complete service.
The associate costs and risks would be the security for mobile banking. Similar to the threats we see in the traditional online banking, such as phishing attacks and spyware, while other threats would be thieves getting hold of a customer’s device. While the world is moving faster than bank’s and financial services firm’s security department can keep up, bank has to consistently invest a huge amount of money to make sure the mobile banking security, and sometimes the efforts may not work out. Since there are still a number of security and fraud detection capabilities that do not exist in mobile devices in the period of 2010, the flaw of security system for mobile banking will still be an issue for Bank of America.
3. What lessons can the bank learn from its online banking operations? What are the costs and benefits of having customers migrate to online banking?

The first lesson the bank can learn and improve is its security issues. While making online payments or transferring money from on account to another, the online banker are always concerned about the hackers and anti-social elements. Hacking enables the unethical hacker to penetrate the accounts of online bankers, and spend their money....

Other Papers Like Bank Of America

Persuasive Essay

519 words - 3 pages Article Rebuttal “Three banks singled out for not helping homeowners” BCOM/275 Article Rebuttal Wells Fargo, Bank of America, and JPMorgan Chase are all banks that have been bailed out by the American taxpayer in order to make home affordability a reality. In an effort to assist homeowners, the Obama administration rolled out several Programs that would enable homeowners to modify their existing loans. The Department of Treasury

Foreign Exchange Servies Essay

2608 words - 11 pages the cost, Bank Of America as of November 2011 charged $25 to send a wire and $12 to receive one within the U.S. For international transfer, it charged $35–$45 outgoing, $16 incoming.[3] However, fees may vary from bank to bank. In the United States, domestic wire transfers are governed by Federal Regulation J[4] and by Article 4A of the Uniform Commercial Code Security: Bank-to-bank wire transfer is considered the most secure international

Planet, People, Profit—Global Perspective

722 words - 3 pages company would use to handle its data centers. To further its goal seeing a sustainable world, Google was reported to have committed $1 billion to renewable energy initiatives. Part 2 According to Wall Street. Com, the Bank of America was found to be poor in CSR. The Harris Poll conducted this ranking. It was revealed that the Bank of America trouble began after the latest financial crisis. The financial meltdown forced the bank to acquire tow


9567 words - 39 pages issue of affordability. Distribution: Exposure to low-cost banking solutions in emerging African economies such as Kenya and Nigeria, as well as Brazil in Latin America, provided lessons and ideas for Standard Bank on the opportunities offered by mobile phone technology and branchless banking. 10 In addition, a number of initiatives in South Africa involving partnerships with informal entrepreneurs (such as community phone shops set up by Vodacom

Tb Folsifulous Mang

6476 words - 26 pages ASA University Review, Vol. 4 No. 1, January–June, 2010 Measuring Service Quality: A Comparative Analysis Between Standard Chartered Bank and Dhaka Bank Mohd. Takdir Hossan* Abstract This study compares the quality of services provided by Standard Chartered Bank and Dhaka Bank Ltd in Bangladesh. The premise of the paper is that the quality of bank’s services would be contingent on the incentive structure under which these institutions


2087 words - 9 pages London (British Bankers Association, 2012). In essence, the LIBOR is the equilibrium price between banks for lending money. The LIBOR is produced for several currencies and loan durations. A panel of banks is selected for each currency. The current panel of banks for the U.S. dollar is: Bank of America Bank of Tokyo-Mitsubishi UFJ Ltd Barclays Bank plc BNP Paribas Citibank NA Credit Agricole CIB Credit Suisse Deutsche Bank AG HSBC JP

United States Global Financial Crisis

999 words - 4 pages Introduction: The global financial crisis of 2008-2009 began in July 2007 when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the United States Federal Reserve, Bank of England and the European Central Bank. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered

Gdp Growth, Recessions And Cycles

1848 words - 8 pages Source: (Shiller, 2015); (Federal Reserve Bank of St. Louis, 2015) Figure 1 above shows the real Gross Domestic product (GDP) of the United States for the years 1930 to 2014. Real GDP is essential and important as it shows the general soundness of the economy. Thus, when real GDP is high it means other macroeconomic factors such as employment and economic growth are positive and vice versa. This is because real GDP is substantially correlated

Biography Of Allen Pinkerton

683 words - 3 pages Biography of Allan Pinkerton Jada Schmal CJS/250 January 11, 2015 Vernon Hale III Biography of Allan Pinkerton Allan Pinkerton did not start out in law enforcement but changed after finding a gang of counterfeiters. Began a detective agency which focused on railroad theft cases. Later, in Pinkerton’s career Allan moved to bank robbers, but still dealt with railroad thieves. Pinkerton began with a small group of night watchmen to offer

China And Ethics

1098 words - 5 pages U.S. Today, one out of every three cars produced in North America uses parts and components that are made by Wanxiang America Inc. 3. China has been accused of “currency manipulation “by both the republican and democratic party, what does that mean? Also should china raise the value of its currency? Currency manipulation is a monetary tool applied by central banks. It occurs when a government buys or sells foreign currency to push the

“Progressive Era Through The Great Depression”

1177 words - 5 pages industries in the country. The Great Depression was like no other crisis the country faced, it was never ending and there was suffering everywhere especially among the poor. There were three major factors that contributed significantly to the Great Depression with the most important being the ‘crash’ of the stock market, this is due to the fact that the strength of the United States of America was measured in many ways by the success of the

Related Essays

Bank Of America Essay

1299 words - 6 pages Assignment #1 Bank of America Melissa Shuler February 14, 2012 HRM 532 Dr. Marie-Line Germain Outline the talent management program that led to success for the company. Before we can go into the talent management program that led to the success for the company we must know how the company began. The Bank of America was formed in 1904 when the founder of Bank of Italy, Amadeo Giannini which was solely out of San Francisco in an

Product Innovation At Bank Of America

2981 words - 12 pages BANKING STRATEGIES Case Study: Product Innovation at Bank of America By Cindy Murray What financial institutions can learn from inventions and innovations in other industries. owhere is innovation more essential to survival than in the banking industry. In the payments domain, for example, nonbank competitors less constrained by bank regulations and therefore more agile are changing the banking industry’s grip on the public perception of

Personal Finace Essay

478 words - 2 pages 1. Visit the website of a large national bank, regional bank, or credit union, and use the information you find there to answer the questions below. EXAMPLE: Some large banks you might consider include Bank of America®, JPMorgan Chase®, Wells Fargo®, Citibank®, and U.S. Bank®. a. What is the name of the bank or credit union? (0.5 points) b. List three facts about savings account options at the bank or credit union you chose

Business Ethics Essay

1940 words - 8 pages decision to release what is considered vital information on several large businesses that could adversely affect those said businesses. Reportedly, the information on Wikileaks is not just assumed authentic but is actually authentic and has been vetted so that the innocent are protected. With this being said, Wikileaks reportedly has in its possession a hard drive possibly belonging to an executive with Bank of America and plans to release the