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Management Strategies

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Bank of America: Customizing Financial Tools To Customers’ Needs

Banks need to develop more intuitive customer-centric products that allow for personalized experiences.

With customers adapting to digital payments products more quickly and the rapid adoption of mobile, Bank of America has to develop products that are multi-channel, intuitive and customizable, David Godsman, a digital banking solutions and operations executive at the bank, said during a roundtable about the bank’s digital products and strategy.

It took 10 years for customers to adapt to online banking, five years for mobile banking, and one year for remote deposit, says Godsman. Customers are logging onto BAC Mobile App about 140 million times per month and depositing 140 thousand checks via mobile check deposit everyday.

In order to keep up with users, banks must consider developing products that customers can customize to their needs, Godsman notes. Customers should be able to choose how they want to use the financial products their bank provides, he explained. For example, customers can configure app alerts on the BAC Mobile App, to get any combination of notifications on low balance, online card usage, and deposits including mobile check deposits they want, he added.

[For More Coverage on BofA Read: Bank of America Launches Next Gen Banking Centers]

Customers are also looking for convenient products with capabilities that support personal shopping experiences, Aditya Bhasin, head of digital banking and consumer analytics, said.

Many of the digital payment solutions being offered haven’t gained wide adoption because they don’t offer this personalized experience and don’t solve actual pain points, Bhasin stated. “A lot of what these digital payment products tend to be about is a point-of-solution for a payment that works with a technology and a set of merchants. That’s not what a customer is asking for,” he observed.

Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio

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