Essay: Competition in Bank of America

Sample Essay

These strategies can make them grow as said by the chairman, Chief Executive Officer and President of Bank of America Kenneth D. Lewis. The Bank of America is in competition with other corporations through its website, this competition holds in terms of customer relationship management, customer services, interest rates, lending boundaries, etc. as the corporation is providing internet-based features of finance which other competitors are also doing but either they have a low-cost structure or possession of regulatory constraints.

Besides internet-based financing activities they are also providing products and offering services on internet, which is grand in itself but obviously applying technology can be expensive too therefore the services should be offered in such a way that it is immediately adopted by the users so that the burden of cost reduces to its maximum. While doing Small business Banking and grabbing customers from abroad, it is the use of internet that can bring capital of a person living far away to the bank. This is the reason Bank of America is serving up to 29 states, 27 countries which are segregated into some geographic sections United States of America and Canada; Asia; Europe, Middle East, Africa, and has 5873 banking centers and 16,785 domestic branded ATMs, and telephone and internet channels which are mainly providing Real Estate guidance, Admission Assistance, Debit products and consumer deposits (Bank of America, 2006).

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