Bank of America Case Study - Enterprise Architecture in Mobile Banking

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Michael Greene

Presented in Fall 2012 at VCU in a graduate course on enterprise architecture

Business Wirtschaft & Finanzen

BANK OF AMERICA
Enterprise Architecture in Mobile Banking

AGENDA
Why are we here
1.Public Image
2.Current State
3.Culture
Mobile Banking
1.Industry
2.Consumer trends
3.Dollars & Sense
Recommendations
1.Problems
2.Solutions
Recap

Pre-Recession
•Solid Financially
•Nations largest bank
•Many acquisitions
Post-Recession
•Mortgage crisis = black eye
•Debit Card Usage Fee

CULTURE
Deliver
Trust
Opportunity
Embrace
Responsibility

CULTURE
Deliver
Trust
Opportunity
Embrace
Responsibility
Diversity Community Sustainability

We oﬀer the best in banking convenience,
clarity and choice, through solutions that
meet consumers’needs at every stage of
their financial lives.
SHAMEKA HILLAGE
Banking Center Manager

Mobile Banking Industry
Trends and Projections

Mobile Banking Industry
10,000,000Number of users in 2009

Mobile Banking Industry
37,000,000Number of users in 2014

Bank of America
3 years
1st 4 million mobile customers

Bank of America
3,000,000New mobile customers in last 12 months

0
5
10
15
20
2007 2008 2009 2010 2011 2012 2013 2014 2015
Current Growth
Continued GrowthProjected growth of mobile banking

Mobile Industry
87%U.S. Population with mobile phone
2012 Federal Reserve Study

Mobile Industry
44%U.S. Population with smartphone
2012 Federal Reserve Study

Mobile Industry
20%Americans with mobile phone and bank account
conducting mobile banking in last 90 days
2012 Federal Reserve Study

• Cost per customer cheaper than other alternatives
Dollars and Sense

• Cost per customer cheaper than other alternatives
• How can we make our customers life a little more
simple and eﬃcient?
Dollars and Sense

• Cost per customer cheaper than other alternatives
• How can we make our customers life a little more
simple and eﬃcient?
Dollars and Sense
service + ➡cost = $$$

1.2x+ 3xProjected smartphone growth 2011Tablet growth

Transaction
History Debt
--------
Income
Credit
History

Online Banking Experience
Transaction
History

Mobile Banking Experience
Transaction
History

What does this mean?
How can you improve?
Transaction
History

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Bank of America Case Study - Enterprise Architecture in Mobile Banking

1. BANK OF AMERICA Enterprise Architecture in Mobile Banking

2. AGENDA

3. AGENDA Why are we here 1.Public Image 2.Current State 3.Culture Mobile Banking 1.Industry 2.Consumer trends 3.Dollars & Sense Recommendations 1.Problems 2.Solutions Recap

5. 0

7. Pre-Recession •Solid Financially •Nations largest bank •Many acquisitions Post-Recession •Mortgage crisis = black eye •Debit Card Usage Fee

8. Pre-Recession •Solid Financially •Nations largest bank •Many acquisitions Post-Recession •Mortgage crisis = black eye •Debit Card Usage Fee Brand ranking went from 14th worldwide to 92nd

10. CULTURE

11. CULTURE Deliver Trust Opportunity Embrace Responsibility

12. CULTURE Deliver Trust Opportunity Embrace Responsibility Diversity Community Sustainability

13. We oﬀer the best in banking convenience, clarity and choice, through solutions that meet consumers’needs at every stage of their financial lives. SHAMEKA HILLAGE Banking Center Manager

14. Mobile Banking Industry Trends and Projections

15. Mobile Banking Industry 10,000,000Number of users in 2009

16. Mobile Banking Industry 37,000,000Number of users in 2014

17. Bank of America 3 years 1st 4 million mobile customers

18. Bank of America 3,000,000New mobile customers in last 12 months

19. Projected growth of mobile banking

20. 0 5 10 15 20 2007 2008 2009 2010 2011 2012 2013 2014 2015 Current Growth Continued GrowthProjected growth of mobile banking

21. 0 5 10 15 20 2007 2008 2009 2010 2011 2012 2013 2014 2015 Current Growth Continued GrowthProjected growth of mobile banking

22. Mobile Industry 87%U.S. Population with mobile phone 2012 Federal Reserve Study

23. Mobile Industry 44%U.S. Population with smartphone 2012 Federal Reserve Study

24. Mobile Industry 20%Americans with mobile phone and bank account conducting mobile banking in last 90 days 2012 Federal Reserve Study

25. Customers adapt as technology evolves

26. Dollars and Sense

27. • Cost per customer cheaper than other alternatives Dollars and Sense

28. • Cost per customer cheaper than other alternatives • How can we make our customers life a little more simple and eﬃcient? Dollars and Sense

29. • Cost per customer cheaper than other alternatives • How can we make our customers life a little more simple and eﬃcient? Dollars and Sense service + ➡cost = $$$

30.

31.

32.

33.

34.

35.

36. A rich experience will engage consumers, build our brand and increase customer satisfaction and retention rates ! DOUGLAS BROWN SVP, Mobile Product Development Recommendations

37.

38. 1.2xProjected smartphone growth

39. 1.2x+ 3xProjected smartphone growth 2011Tablet growth

40.

41.

42.

43.

44.

45. Transaction History Debt -------- Income Credit History

46. Transaction History Debt -------- Income Credit History

47. Transaction History Debt -------- Income Credit History

48. Transaction History Debt -------- Income Credit History