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Eleven Million Reasons Why Bank of America Is the Top US Consumer Online

Product Type: Market Research Report
Published by: TowerGroup
Published: August 2004
Product Code: R301-1093
Description
This TowerGroup Research Note explores the programs Bank of America has put in place that are responsible for the bank's online banking success. Perhaps more important than the specific programs is the general approach taken by Bank of America to develop and implement these programs. This Note also explores that approach.
Table of Contents
TowerGroup Take-Aways




Report Coverage




Background


Exhibit 1: Number of 90-Day Active Users at the Top 10 US Online Banking Providers (Q2 2004)




Step 1: Gain Commitment

Online Banking Time Series Analysis


Exhibit 2: Results of Bank of America Online Bill Pay Customer Time Series Analysis (2001)




Step 2: Establish Enabling Technologies




Step 3: Remove Barriers to Adoption

Barrier 1: "Online Banking Costs Too Much"

Barrier 2: "Online Banking Is Not Safe"

Barrier 3: "Online Banking Is Difficult"


Exhibit 3: Relative Positioning of Leading US Online Banking Providers (2004)

Exhibit 4: Bank of America s Bill Payment Hub (2004)


Barrier 4: "There's No Real Need to Bank Online"




Business Results


Exhibit 5: Customer Interaction Mix: Bank of America vs. US Average (2004)




Summary
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