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Mobile Banking - Paper

Mobile Banking

Bank of America: Mobile Banking

Problem statement: Introduced in 2007 Mobile Banking has quickly become a trend due to its convenience, low transition cost, and potential increased customer retention. The number of users has increased significantly as well as the number of mobile phone sales. Even though Bank of America with 35% market share, is taking the lead in the market, but its biggest competitions in financial service industry, JP Morgan Chase, Citigroup, Well Fargo, and PNC Financial Service Group, have been developing their own apps and methods. Mobile Baking market became highly competitive. BoA's problems are that how the company determines its position in this competitive ...

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Cost affective

* Attract more customers by additional service

* Customized

* Attract all the types of customer from traditional baking service.

* No extra expense

Cons

* Negatively affect customer experience

* High risk

* Expensive

* Too vague

* Increase customer's confusion

* Hard to control and manage

* Cannot compete with other competitions due to fast changing technology.

Recommendation: Currently customer still prefers traditional banking service than mobile banking. They are mainly concerned about limited service, security, and cost of data access. In short-term, BoA should focus on small segment, Smartphone user which is expected to growth 46% by 2012. The apps can be added more features and security check and made it be more user friendly. Instead of using SMS, notification, confirmation, and receipt can be sent directly to users email. This customer segment is mostly familiar with technology, so digital marketing, especially mobile ...

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Mobile Banking. (2013, October 14). Retrieved November 23, 2024, from http://www.essayworld.com/essays/Mobile-Banking/103130

"Mobile Banking." Essayworld.com. Essayworld.com, 14 Oct. 2013. Web. 23 Nov. 2024. <http://www.essayworld.com/essays/Mobile-Banking/103130>

"Mobile Banking." Essayworld.com. October 14, 2013. Accessed November 23, 2024. http://www.essayworld.com/essays/Mobile-Banking/103130.

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PAPER DETAILS

Added: 10/14/2013 07:44:12 PM
Submitted By: Maihuong
Category: Business
Type: Free Paper
Words: 320
Pages: 2

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