Mainly engaged in personal and corporate deposit business, mainly in California.
International business
International finance and insurance business.
Other financial services
It mainly includes: financial services for consumers, leasing, venture capital, traveler's checks, mortgage loans and consumer credit insurance. Bank of America's funds are mainly used to issue domestic and foreign credit. Domestic loans mainly include industrial and commercial loans, agricultural loans, real estate loans, consumer credit and other loans. Foreign loans mainly include loans to foreign governments and official institutions, interbank loans, industrial and commercial loans and loans to other financial institutions. Another channel for the use of company funds is securities investment and securities loans. It mainly invests in bonds of the federal government, federal agencies, state governments and local governments. The company's leasing business has developed rapidly, and it also pays attention to the development of trust business.
As the name implies, 85% of Bank of America's business income comes from the United States. Bank of America has the largest national retail network in the United States, serving10,000 individual customers and small businesses, with more than 5,700 retail banking offices, more than 65,438+07,000 ATMs and online banking with 2,654,380+0 million users. Its huge branch network covers almost all populous cities. Bank of America is also the number one small business credit bank in the United States, and it is also the number one bank that provides loans to small businesses run by ethnic minorities. It has established business relations with almost all Fortune 500 companies in the United States and 80% Fortune 500 companies in the world. In recent years, on the one hand, American banks have established and developed millions of bank-enterprise relationships throughout the United States; On the other hand, it has achieved rapid expansion through several large-scale mergers: in 2004, it merged with Foley Boston Financial Company, in June 2005, it became a shareholder of China Construction Bank, and on June 30, 2005, it acquired MBNA, the largest independent credit card issuer in the world, for US$ 35 billion. Bank of America divides its core business into four basic business departments: individuals and small businesses, financial services of large companies and institutions, capital markets and investment banking, and wealth and investment management. Among them, individuals and small businesses, that is, retail business departments, are the largest part of the profits of American banks. Basically, all the business of Bank of America can be standardized. Different from other banks' business choices, especially its competitor Citibank, Bank of America strongly does not advocate personalized business, because it believes that although personalized business can bring huge returns, the risks are equally huge. Bank of America's online banking is the leader of online financial services, and its online banking business has been recognized worldwide. Bank of America has the largest number of online registered users in the world and won many awards from top financial magazines. Bank of America's online banking services are quite rich, and the sub-branches under each column are also very detailed. Online banking services mainly include personal financial services, small business financial services and corporate and institutional financial services. In terms of personal financial services, online financial products provided by Bank of America basically include most traditional personal financial services, which is actually an extension of its traditional services on the Internet. Personal financial services provided by Bank of America online banking mainly include:
rescue
The savings business is divided into two parts: one is the basic savings business. Including checking account, savings, large time deposit certificate, individual retirement account and other services; The second is credit card service. Due to the fierce competition in American banking, the main business of online banking of Bank of America is not much different from other commercial banks. However, they strive to develop new service varieties, among which the most distinctive service varieties are deposit target and self-service bank. The deposit target service is mainly to help customers make savings plans, such as providing customers with savings plan services such as education, marriage, house purchase, vacation, car purchase and retirement.
Loans and credits
This service * * * has three service products: mortgage loan, credit card, consumer loan and home equity loan. Among them, mortgage service refers to the two services provided by Bank of America to help customers buy houses and finance; Credit card service is a systematic description and introduction of credit cards issued by American banks, and a brief introduction and analysis of the terms of service of different types of credit cards. Consumer loans mainly include car loans, real estate mortgage loans, mortgages, personal credit overdrafts and student loans. Generally speaking, when customers need to apply for consumer loans, they need to contact the customer service center of Bank of America by phone before they can operate.
investment
Bank of America's personal customer investment services are operated by Bank of America Investment Services, which provides investors with investment management and financial consulting services. In order to let investors know the market situation more quickly, investment services also provide relevant daily economic and financial analysis, mainly including discount brokerage services, personal investment consulting services, cash management accounts and mutual fund information.
Professional financial services
Professional financial services are the most distinctive business of Bank of America's online banking. According to the different needs of customers, this business designs service product combinations that meet different customer needs, thus improving the efficiency of customers in handling financial business. Professional financial services mainly include seven specific types of services: private banks, excellent banks, student banks, electronic wallets, military banks, professional African-American banking groups, American banks and so on.
insurance
The insurance business of Bank of America is operated by Bank of America Insurance Service Company. Insurance service products have two specific contents, namely life insurance and automobile insurance. With numerous banks, American banks can gain a firm foothold in the American market and continue to grow and develop, which is closely related to their unique services. First of all, when other banks only pay attention to serving large enterprises, Bank of America takes the general public and small and medium-sized enterprises as its most important customers and launches at least 25 US dollars of micro-loans, which is unprecedented. In this way, people who were rejected by banks in the past flocked to drive the vigorous development of various businesses. Bank of America's service model of "amassing wealth and avoiding gold and silver" has directly narrowed the distance with customers, improved affinity, established a customer-centered public image of Bank of America and promoted the development of banking business.
At the same time, in the face of the United States, a country with a large number of immigrants, Bank of America pays special attention to foreign immigrants as its customer groups, such as Latinos, Asians and African-Americans. American banks have a long history of providing services for immigrants. 1928 opened a branch in Chinatown in Los Angeles, and even equipped with staff who can speak Chinese, Korean and Vietnamese to attract Asian customers. In the past decade, 80% of the profit growth of Bank of America has come from the above three groups.
Third, Bank of America pays special attention to customer satisfaction and often conducts surveys. Bank of America uses "customer happiness" survey to measure customer satisfaction, which is a key indicator to reflect whether customers are willing to be loyal to the bank, recommend banks to friends and use more banking products. Bank of America compares this survey, customer loyalty, "related customer net income growth rate" with sales to predict the future of the enterprise.
In addition, Bank of America has a revolutionary banking business: keep the change.
In 2005, Bank of America launched a revolutionary banking business, which was called "paradigm shift: keeping changing" by Businessweek. The operation process of this business is: when customers use the VISA card of Bank of America for consumption, the bank will pay the customer a fraction of each credit card consumption. For example, if its price is $23.36, Bank of America will round it to $24 and deposit the difference between the two figures (that is, $0.64) into the customer's savings account. Bank of America pays the full amount of the change in the first three months (the upper limit is $65,438 +020), and then pays 5% of the total amount of the change. Because this business is very attractive to customers, since its launch, 25 million customers have applied for change, more than 700,000 customers have opened checking accounts in Bank of America, and 6,543,800 customers have opened savings accounts.
For this business, Bank of America seems to lose money, but there is no doubt that the change has successfully solved the serious problem faced by all banks, that is, how to let customers continue to open new checking accounts and savings accounts, so as to obtain a stable source of funds; At the same time, it also cultivated customer loyalty. With loyalty, Bank of America will certainly make a lot of money in the future.
Bank of America's great success in retail banking has a lot to do with its good positioning in expanding its scale. In the United States, a country with a frequent population flow, its huge retail network makes it unnecessary for customers to change their bank accounts even if they travel across the country, which undoubtedly wins the market opportunity for American banks. At the same time, Bank of America's advanced online banking provides convenient and fast financial services for people in the Internet age, which is also an important reason why Bank of America successfully occupied the retail banking market. In the final analysis, Bank of America's rapid development and sustained profitability stem from its ability to continuously meet customers' needs, just like its pun product name, "always changing", thus becoming a world-renowned retail banking leader. Bank of America Asia originated from Guangdong Bank established in Hong Kong by 19 12, and was founded by Chinese businessmen. 1998, Bank of America Group merged with Bank of China Group to form a new Bank of America. New American Bank, a huge bank spanning the east and west coasts of the United States, has nearly 4,500 branches in 2 1 states in the United States.
After the merger, due to the difficulty in connecting the computer system and the increase in the business cost of the new investment bank, its profits stagnated. Of the $672 billion assets of Bank of America in 2000, $396 billion were loans. 20 1 1 The slowdown in US economic growth and the increase in bad loans of enterprises led to the bank's third-quarter net profit falling to182 billion US dollars, a decrease of 330 million US dollars compared with the same period 1999. Bank of America predicts that bad debts will increase by about 1 1 billion dollars in the fourth quarter of 2007, and the annual bad debts will be between 5 billion and 1 billion dollars. Bank of America borrowed nearly $6,543.8 billion from California Electric Power Company, and the debt problem of California Electric Power Company will increase the bad debts of Bank of America. In 2007, the interest rate in the United States rose sharply, which made it difficult for most American banks to make a profit in their lending business, and the new lending business also decreased. The cost of bank loans has greatly increased, and bad debts have also increased.
As of 20 12, the Bank has 16 branches in Hong Kong and Macau. Shanghai Nanjing West Road Sub-branch provides a wide range of commercial and personal banking services in the Mainland, including RMB and foreign currency deposits, real estate mortgage loans in RMB, Hong Kong dollars and US dollars, wealth management, e-banking, commercial credit and financing.
Bank of America is one of the world's leading financial services institutions and the second largest bank in the United States. It is committed to providing a full range of personal and commercial banking services, covering 2/kloc-0 States in the United States, the District of Columbia and 30 countries around the world, and providing the best and most perfect banking services to as many as 33 million families and 2.5 million corporate customers. In the United States, Bank of America has more than 5,800 branches and16,000 ATMs, providing customers with comprehensive services.