Bank of America is a global financial services company that provides a variety of banking and investment products and services for individuals, corporations, governments, and institutions.
It’s difficult to pinpoint the mission statement of any one organization, especially when that company has undergone so much change. However, Bank of America has not only been through its share of changes in the last decade, but also specifically in the past decade.
Bank of America’s mission statement is to help make financial lives better. The bank’s goal is to make life easier for people by providing banking choices and solutions.
Bank of America is the second largest bank in the United States by assets. It has networked branches in 50 states, Puerto Rico, the U.S Virgin Islands, Guam and the Northern Mariana Islands.
The Bank of America Corporation traces its roots to an 1880 banking partnership between Joseph Robinson and George Peabody which became Peabody & Co in 1857; in 1970 they were renamed The First National Bank of Boston. In 1998 it merged with NationsBank; in 2008 it emerged from that merger as Bank of America Corporation.
Bank of America is often touted as one of the world’s largest bank. It is a highly profitable company with a valuation in excess of $141 billion. However, it has been criticized for its lack of transparency and lack of commitment to its customers. This article will analyze Bank of America’s mission statement in order to determine if this criticism is justified or not.
Bank of America Founding and Origin of Name
The bank was originally named “BankAmerica,” but it changed its name to “Bank One” in 1998 after merging with First Interstate Bancorp, Inc., another bank with an identical name.
The current mission statement asserts that the company is dedicated to meeting the financial needs that people have today through innovative thinking, exceptional customer service, and effective risk management practices.
Coincidentally, the company was founded by Fleetwood Scott in 1904 as Trust Company after he borrowed funds from members of his family and friends at 5% interest per year over 2 years.
Bank of America Vision and Mission: Discover What their Customers Really Think
Bank of America has developed a new technology that uses AI to extract customer sentiment from social media. This is an innovative way for Bank of America to get more customer feedback and stay ahead in the market.
Bank of America is planning to revolutionize their customer experience by analyzing their customers’ emotions on their social media posts. This will help them know what customers are looking for through the use of AI tools including sentiment analysis, data mining, and natural language understanding.
Bank of America believes that this tool will help them improve customer satisfaction, lower costs, increase revenue, and drive growth.
Bank of America’s Future Outlook for Marketing and Public Relations
In the past, banks have been seen as a boring topic for marketers. However, with the arrival of AI and chatbots, marketing is quickly becoming an exciting field.
In the future, banks will focus on two main channels: digital and real-world. The digital channel includes data analytics and voice interactions. Real-world channels include events, social media advertising, and in-person interactions.