 |
Customer convenience and ease of use established Bank of America’s leadership in online banking. In 2005, we focused on expanding our online offerings and relationships.
With the largest active online subscriber base
in the world—nearly 15 million customers—the bank has more than 34 percent of all online banking customers in the country. Our 7.3 million online bill payers represent more
than 58 percent of all U.S. online banking bill payers.
Associates from marketing, technology, product groups, sales and e-commerce worked together to generate a
161 percent increase in online sales over 2004. Successes included checking, savings and debit cards from the Keep the Change™ program (see “Helping People Grow Their Savings”).
Bank of America has a history of online innovation,
having pioneered free bill pay in 2002. Online customers have higher balances, higher retention rates and a lower cost to serve. Today, we’ve created more advances like text chat so customers can learn about buying products during real-time, online discussions with our associates. Ultimately, we want customers to be just as comfortable purchasing online as they are in a banking center.
One example of the bank’s success in expanding
products and services to online customers is the experience of Dr. Andrew Bertagnolli, a psychologist for a health-care provider in Northern California. Soon after signing up to pay bills online in 2005 to save time, Bertagnolli joined the Keep the Change program and also opened a savings
account online.
Each online customer is a candidate for buying a new product. With 1.6 billion site visits annually and a ranking among the top 50 U.S.-based sites for unique
visitors—more than Dell, Capital One or Citigroup—bankofamerica.com is a prime source for sales leads.
|
 |
From left, Sanjay Gupta, e-Commerce and ATM executive; Diane E. Morais, Deposits and Debit Products executive; and James C. Jackson, East Division executive, Global Consumer and Small Business Banking, work closely to constantly improve customers’ online experience and increase sales.
Video transcript
Buying products online is faster and easier for customers because of the bank’s innovative solutions:
- Streamlined applications and faster processing
for personal and small business accounts, reducing deposit account decisions from two days or more
to less than a minute
- New page designs with a retail approach and
testimonial-style layouts to direct customers to
the financial solutions they’re looking for
- Guided selling to offer customers the products
and services that are the best fit
- Preapproved products for online banking customers
With all these efforts—developing, diversifying and
offering more products; cross-selling; and Internet advertising, along with quick and easy-to-use applications and fast fulfillment—bankofamerica.com is adding shareholder value with every transaction. The result is higher sales through a convenient, cost-efficient channel. 
|
