BANK OF AMERICA Case Solution And Analysis, HBR Case Study Solution & Analysis of Harvard Case Studies

BANK OF AMERICA Case Study Solution

Introduction:

Bank of America was founded in 1904, it serves as a bank and also provides financial services to the customers. It is one of the well-known company throughout the world and ranked 28^th, according to the Forbes global (2013). There are 267,000 people employed by the company. The bank is committed to making the financial lives of the customer better. The products offered by the bank are original, variety of expertise and valuable judgments are involved in making the accurate decisions regarding the stakeholders and the benefits that the company is obliged to them. The Bank of America follows the proper code of conduct that is overseen by aboard of directors to ensure transparency and efficient management practices. BOA has strong image, and the quality of the services offered by the bank are appreciated and valued by the potential customers, the organization lacks in quality of customer services that is one of the essential parts of any organization in order to make sure that the CRM activities are going well in the organization, in the industry of financial services, customer satisfaction matters a lot. To retain the valuable customers and to make them satisfied is one of the most important aspects of making the progression of the organization. The concerns related to the customer’s services and the strategic implications that are required to bring value to the customers can be illustrated as under:

Value creation for customers:

Value creation is necessary for any organization, when the organization creates value for its customer, the customers believe that the organization strives for bringing more to their customers, in order to establish an appropriate value addition to the organization, the following steps should be performed by the organization in order to create value for its customers:

Perform customer surveys:

Customer surveys should have to be performed by the organization, by such exercise, the organization will get to know about the customer’s needs as well as their valuable feedback to the services company offers. There should have to be interactive environment formed in an organization. The flow of communication should be smooth without any barrier so that the message can easily be conveyed to the customers. The valuable suggestions must be acknowledged, and making appropriate changes to the overall customer-related structure will make the positive impact on the overall image of the organization.

Understanding the areas to create competitive advantage in value addition:

The company should recognize their uniqueness and make efforts to build their unique service proposition in order to create competitive edge among the competitors, for instance, the company can fight over cost and pricing strategy with the other companies, the prices should be reasonable to attract the potential customers and make them feel that they are fetching something having worth at suitable cost-effective rates. Moreover, the company should make constant efforts to make its identified area innovative and more attractive for the customers.

Focusing customers and creating win-win atmosphere:

There should be focus maintained on customers; there should be one department in the bank or financial service company that will find out the needs of customers and incorporate in the business model of the company. There should always be awin-win atmosphere for the customers as well as for the company; the price should be set at such level that would enable the company to secure reasonable margin from the services they offered. The satisfied customers always value the organization and are willing to pay more, but dissatisfied customers show that they are unwilling to adjust the low-cost price, in order to make the situation perfect and good for both, the customer satisfaction is necessary to attain the competitive price strategy.

Offering best value for money and return on investment:

Any financial sector can distinguish itself by offering a better value for money to their customers. When the customers get advantageous returns, there will be a sense of loyalty creation among the customers. Good return on investment would provide customers a great sense of peace of mind. They feel that they are getting the best possible returns and their investment decision is right. Bringing the positive opportunities to the strong customer base, and providing them reasonable chances to utilize their investment decisions, in the most appropriate ventures of the company are some of the advantages that company could provide to list the organization, as one of the best financial organization in the world.

Improve the quality of customer satisfaction and the communication level among employees and the customers:

When the quality of conversation improves, many hurdles that are making the communication structure and the performance of the company weak would be able to improve the overall structure of the company. Making the communication network strong, by providing effective means and channels of communication to the customers. Answering the queries of the customers at the right time, instant feedback mechanism with the help of social media applications or e-mail alert would enable the company to stay connected with the customers..................

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