Bank of America 1999 Annual Report Download - page 14

At Bank of America, small business is
big business.
Our products and services are highly
popular with our customers. The market
is profitable. Research shows that our
broad customer base holds significant
potential for growth. So, in line with one
of our major corporate strategies — to
put our resources where they count the
most — we are boosting our capabilities
for this important line of business.
Ninety-five percent of all companies
in the United States are classified as
small business. These firms employ more
people than any other business segment.
And, Bank of America is the nation’s
largest lender to this market, with nearly
$10 billion in loans outstanding.
“We have taken a new look at this
highly attractive market and see a great
opportunity for growth,” says Jim
Lientz, president of the Mid-South
Banking Group and Small Business
champion at Bank of America.
“We have placed great emphasis on
information management so we can
better understand customer needs. Using
that knowledge, we are applying finan-
cial, technical and people resources in a
way we never have before. This is really
an exciting time for our customers.”
One of our great growth opportunities
in 2000 is aligning customers so they
receive an appropriate level of service.
Last year our managers went through
our list of 1.7 million small business
customers and determined that many
relationships had grown so much they
warranted enhanced service.
Now we are making sure that our
200,000 most valuable customers are
assigned Bank of America client
managers or small business bankers to
work with them on a regular basis. We
have identified about 100,000 customers
who will be moved into those top two
service levels this year.
In addition, another 200,000 businesses
have been identified as qualifying for an
enhanced level of service, which includes
enhanced recognition and problem
resolution, assisted call transfers
through Telephone Banking and priority
service in Telephone Banking and
Business Loan centers.
Our other 1.3-million small business
customers receive good and reliable
baseline service and have the opportunity
to receive enhanced service by
consolidating more of their business
with us.
“Making sure our most valuable
customers get sufficient resources
allocated to them is an important part
of creating deeper relationships,”
Lientz says. “The personal service we
provide will add tremendous value to
this customer group.”
We are beginning to offer small
businesses a variety of value packages
that reward them for the business they
place with us.
Two customized packages, our
Advantage and Money Manager
accounts, have been successful with
consumers. Now we are launching the
same kinds of value propositions for
business customers. These packages
We know
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ABC Sewing Machine Company in Los
Angeles looks to Bank of America as a
long-term partner for its day-to-day
activities and business growth. ABC was
founded by William S. Park (above right)
in 1980 with three employees. Today,
the firm, a wholesaler of industrial
sewing machines, has 28 employees.
Bank of America Sales Officer Jay Ahn
(above left and on opposite page) and
Small Business Market Manager James
Cooper (at left on opposite page) help
bring our company to thousands of small
businesses in the vibrant Los Angeles
market.