Business Online Banking Bank of America David Ehrenberg Kemp Leonard
Presentation Overview Industry Bank of America Competition SWOT Analysis The Future
Industry Three years ago Today The future
Bank of America Free access to accounts Access to customer service Cash Management
Online Bill Payment Bill Payment Bill Presentation Bill Hosting OFX Support
Bricks and Mortar Competition Increased IT spending Partnerships with technology players Direct investments in start-ups Partnerships with portals
Virtual Bank Competition NetBank, Telebank, Security First Network New revenue model--no storefront Fewer workers Lower transaction costs Pass savings to customers Currently limited to consumer presence
Non-Bank Competition Billing aggregators Portals CheckFree Transpoint Yahoo Excite teams with Intuit Lycos and Infoseek expand financial services
Strengths Easier access for corporate customers Eliminates geographic barriers Immediate executions & rapid response Track customer activity Serves customer need
Weaknesses Lose personal touch Encourages “shopping the market” Creates new internal environment Can’t solve all problems
Opportunities Additional marketing opportunities More targeted, strengthen relationships Attract new clients Build reputation as cutting edge Lock in customers--supply chain mgmt Efficiencies--Frees time for bankers
Threats Info accessible by competitors Superior competitor offerings Delivery/Technical problems Market lukewarm to concept Cost/Benefit
The Future Partnerships and alliances Portals & other players blur boundaries Cannot ignore the new trend Increased functionality & interactivity More services--hosting,newsletters, etc.