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The Future of Mobile at Bank of America

At Bank of America, mobile innovation is a key initiative in 2013 and beyond.

There is a lot of talk about how banks can best leverage the social media channel. Initially, the most important thing for the bank was listening, "making sure we are out there on those platforms," Gopalkrishnan says. Currently, the bank offers some services through its Facebook page, including the ability to schedule an appointment with a bank associate and locate nearby ATMs.

Gopalkrishnan says BofA has the ability to offer these services with other social media sites, but has not yet done so since the customer demand is not there. But Bank of America is prepared to offer similar services on any social media site.

"We are social network agnostic, the idea is never to be married to one platform," he says.

At the moment, Gopalkrishnan does not see Bank of America offering financial products via social media, even though it has the technological capability to do so.

"There are a number of things we can do, but we want to be very sensitive to our customers’ needs and perceptions," he says. "As we evolve, we will continue to explore appropriate ways to provide richer functionality while never losing focus of our obligations to privacy and confidentiality.”

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Ananta Padmanabhan
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Ananta Padmanabhan,
User Rank: Apprentice
4/2/2013 | 10:50:35 AM
re: The Future of Mobile at Bank of America
Very interesting to read and the model may also work well. But, for the fraudsters this is going to be another big potential area to lay their hands, if necessary precautions and fool-proof preventave measures are not taken.
ArunK060
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ArunK060,
User Rank: Apprentice
4/1/2013 | 2:00:44 AM
re: The Future of Mobile at Bank of America
very nice
Anca
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Anca,
User Rank: Apprentice
3/29/2013 | 8:38:49 AM
re: The Future of Mobile at Bank of America
Mobile Sales force is the future. Those days when people cannot get to the bank for all the information they need mobile sales force will be there for them. They can chat with the bank representative in the lunchtime, or at a coffee. The employer will understand that is better to have the employee there and in time they will offer them a private space for this moments when they need to talk with the bank or with the insurance agent or any other mobile division. The employee has to stay at their job and all the services should come to them.

This is my dream world ! We need to service our clients in their limited time! Mobile sales force has to understand that the presentation has to be maximum 25 minutes in one meeting and we need to train people to be on topic on those 25 minutes. This is a different type of sales that will develop and that needs a different approach.
Yusuf
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Yusuf,
User Rank: Apprentice
3/28/2013 | 4:24:38 PM
re: The Future of Mobile at Bank of America
SmartOffers - iCube Super Relevancy Engine understands user intent to create the most power impulse buy engine. Today there are than 500K live coupons, key is delivering right offer to right customer at right moment.
Yusuf
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Yusuf,
User Rank: Apprentice
3/28/2013 | 4:18:05 PM
re: The Future of Mobile at Bank of America
http://www.wipro.com/wipro-tv/... Wipro SmartOffers - Mobile coupons by Intent & location
SFGuy
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SFGuy,
User Rank: Apprentice
3/28/2013 | 2:57:37 PM
re: The Future of Mobile at Bank of America
Bank of America already does that with BankAmerideals.
Byurcan
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Byurcan,
User Rank: Author
3/28/2013 | 1:59:41 PM
re: The Future of Mobile at Bank of America
Good point
Byurcan
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Byurcan,
User Rank: Author
3/28/2013 | 1:58:38 PM
re: The Future of Mobile at Bank of America
personal financial management
Joe Constant
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Joe Constant,
User Rank: Apprentice
3/28/2013 | 1:00:15 PM
re: The Future of Mobile at Bank of America
What is PFM?
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
3/27/2013 | 5:51:55 PM
re: The Future of Mobile at Bank of America
I think it's smart to be wary of offering too many products through social media too quickly. I've heard some anecdotal evidence that customers are really not yet comfortable with, say, making payments through social media platforms. They worry that they're Facebook or Twitter account isn't safe enough to do that.
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