Bank of America Case Study PDF

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Bank of America Case Study...

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Case Study Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. Bank of America offers services to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. In late-2008, Bank of America acquired Merrill Lynch, a long-standing, global investments and financial services firm. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and an online banking with more than 25 million active users. Even if you are not a Bank of America customer, you have probably used some bank’s ATM system and/or online banking services. The following instructions require you to consider the business processes delivered to you as a consumer of banking services via an ATM and to help you explore the underlying information management requirements of an ATM system. Assignment: 1. List the likely core business functions (high level; major business and financial services) at Bank of America as part of its product and service offerings? 2. List the steps required in a typical ATM transaction, such as drawing out cash or transferring funds from one account to another, and briefly explain why each of these steps is necessary. Use a table to organize your response and do not overlook steps in the process that are performed either by the ATM system or by information systems housed within the BoA’s centralized data center. 3. What does your interactions with an ATM machine suggest to you about using information systems (i.e. how might you generalize the interactions between the customer and the system?)? [list] 4. Compare and contrast the benefits to the bank and to you of deploying a global ATM network.

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Case Study Homework Layout: Bank of America Case 1. List the likely core business functions ( 1 (high level; major business and financial services) performed at Bank of America as part of its product and service offerings? Core Bank of America Business Function: Financial Management

Consumer and Small Business Banking

Bank of America Merchant Services

Global Wealth and Investment Management

Activities within the Core Function  Updating general ledger  Managing accounts payable  Collecting accounts receivable  Executing risk reporting and compliance  Managing cash flow  Managing investment assets  Managing investment needs of customers  Handling day to day transactions of customers  Handling auto loans and collecting accounts receivable  Enabling acceptance of debit, credit and other forms of payment  Managing transactions made by customers

  

Provide retirement and benefit plan Provide asset management Offers advice on portfolios

2. List the steps (in sequence) required in a typical ATM transaction, such as drawing out cash or transferring funds from one account to another, and briefly explain why each of these steps is necessary. Use a table to organize your response and do not overlook

1 Core business process – All organizations possess core business processes that allow the enterprise to operate, delivering products and services to its customers. A typical organization has no more than five or six core process, including: (1) financial management, (2) people management, (3) perhaps supply-chain management, (4) perhaps sales force management, (5) perhaps new product design and development, etc, depending upon the nature of the business under study. Note that a not-for-profit, like a university or hospital (Partners Healthcare), may have very different core processes from those of a commercial bank (BoA) or an automobile manufacturer (Volkswagen).

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Case Study steps in the process that are performed either by the ATM system or by information systems housed within the BoA’s centralized data center. Steps by Customer

Steps by ATM System

Place debit card in the ATM

Keeps the debit card

Enter pin number

Record number

Choose transaction type (draw out cash)

Record option

Choose account (checking or savings)

the

Steps by other BoA Systems Reads the debit card and scan the number

Why necessary The debit card provides information about the user Make sure the pin number matches the information provided by the user of the card Prepare for the next step that user wants to take, which is to choose from savings or checking acc.

typed

Process the number in the system

the

chosen

Prepares for the next step in the process

Record option

the

chosen

Saves the chosen option and prepares for the next step

Make sure that the withdrawal of cash is from the desired account

Enter the amount of cash

Record entered

the

amount

Process entered

amount

Make sure the amount entered is available in the account

Take money and End transaction

End the use of ATM machine

End the use of user account after previous transaction

Make sure no one else is using the user’s information

the

3. What does your interactions with an ATM machine suggest to you about using information systems (i.e. how might you generalize the interactions between the customer and the system?)? [list] a. Saves time b. Easier to use prepared for MISM 2301 rev’d 083013

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Case Study c. Less human error 4. Compare and contrast the benefits to the bank and to you of deploying a global ATM network. Benefits to the Bank: Less human capital needed Lower cost Provide service to customers 24/7 Reduces the amount of slips that needs to be filled out

Benefits to You: No longer need to line up Easier to use Available in a lot of places

No longer have to carry cash around

Can deposit/withdraw money anywhere in the world

Websites used https://campus.bankofamerica.com/teams.html http://careers.bankofamerica.com/us/our-company/our-business.aspx#tab-global-banking-and-markets

http://infocenter.bankofamerica.com/ic2/atm/getting-started/

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