Convenience, process excellence and consistent service standards drive growth.
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 ank of America has built a national franchise on a scale comparable with the nation’s leading retailers—an achievement unique in American banking.
The benefits for U.S. customers are dramatic. For the first time, they can count on a consistent experience and easy access to their hometown bank virtually anywhere they live, work, play and travel. A Boston family that vacations in New York and Florida, visits relatives in Dallas and St. Louis, or has business connections in Los Angeles or Seattle finds Bank of America right there—in person, online or via telephone or ATM.
Along with this convenience, Bank of America raised the stakes for service quality beginning in early 2002. We dropped the less rigorous industry practice of measuring average customer satisfaction and began reporting against the tougher standard of “highly satisfied” or “delighted” customers—those who rate their experience as a 9 or 10 on a 10-point scale. By year-end 2004, 71% of customers said they were highly satisfied with their banking center experience.
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Consumer Banking product sales in 2004 increased 33% over the previous year, including 6.2 million new credit card accounts, compared with 5.9 million the previous year.
The 11% retail deposit growth in 2004 was nearly double the national retail deposit growth rate of 5.6% in the same period.
Bank of America set a new standard in the remittance industry by eliminating SafeSend® money-transfer fees for Chicago customers who send money to Mexico—the first step toward eliminating those charges nationwide during 2005.
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