Bank of America Essay

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Introduction Bank of America, formerly known as Bank of Italy, was founded in 1904. In September 1998, Bank of America merged with Nations Bank. At first, the two companies used the Nations Bank name and changed its name to Bank of America after two years. Bank of America expanded with several acquisitions and was lead by Kenneth Lewis in 2001. In 2007, Bank of America introduced mobile banking, which brought four million customers within three years. Mobile banking made customers reach the bank directly through mobile phone applications, web browser and text messaging on their smartphones, which helped in widening the bank’s access to more smartphones, and also, made customers check their account balances and receive alerts on bank transactions, which brought four million customers within three years. The introduction of smartphones allowed customers to use the bank’s application to discover the locations of branches of the bank and GPS to discover Automated Teller Machines within their area, send money and pay their bills, and this added to the advancement and growth of the bank. In 2008, Bank of America was the first bank to offer mobile banking applications on iPhone after it was introduced in 2007 and this brought more than one million customers in less than a year. Within the first three months in 2009, there was an increase to over two million customers and six months after, there was an increase to more than three million customers. Bank of America By 2010, there was an increase to almost four million customers using the mobile banking services. Benefits of mobile banking to consumers. The benefits of mobile banking to consumers are: 1. Easy Access: Mobile

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