World's best bank 2018: Bank of America

World's best bank 2018: Bank of America

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Chamber Member News Post Date: 08/29/18 Source: Euromoney By: Euromoney
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Summary

Bank of America today looks like the template for modern-day banking. With one of the biggest technology investment budgets of any large bank – $10 billion a year, with $3 billion devoted to new digital and mobile initiatives – it has invested heavily in being simple and efficient.

Only five years ago its vast US consumer bank offered customers the choice of around 1,400 products ranging across checking accounts, credit cards, mortgages, consumer loans, car loans, unsecured loans, deposit accounts, savings and investments.

Today it offers just 65 core products; with those it serves 67 million US customers, or one household in two. Far from being put off, they seem delighted by this simplicity. They are giving it more business. Customer satisfaction scores have never been higher.

Some 81% would now rate Bank of America a 9 or a 10 on a 10-point scale, up from just 70% a few years ago. It is picking up market share of deposits and loans even in a competitive and crowded marketplace served by local and regional banks as well as national and international ones.

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