Bank of America 1999 Annual Report Download - page 28

of America Direct represents the indus-
try’s first large-scale corporate banking
implementation of digital certificate
technology, and we continue to lead the
industry with more than 6,000 corporate
individuals holding Bank of America
digital certificates.
As important as the Internet is as
a secure channel through which to
conduct business, it is equally important
as a highly efficient medium through
which to share new ideas, solutions and
tools with our clients.
Today, our Global Markets Group
gives our clients ready access to
Internet-based research, information
reporting, portfolio management and
trading execution as well as access to
advice regarding hedging and risk
management strategies. We also offer
online analytics to assist our clients in
evaluating new opportunities.
Bank of America leads the industry
in providing online equity research,
with more than 18,000 clients accessing
Bank of America research through our
Web site. This is in addition to our
foreign exchange, derivatives and
macro-economic research also available
through the Web.
Enabling our clients to do business
over the Internet they once did by mail
is a fast, obvious way to cut costs and
create value for them and for us. But we
do not stop there. Our bankers, technol-
ogists and marketing professionals are
constantly working together to develop
new ways to use this medium to offer
clients better ideas, solutions and advice
specific to their business needs.
Today, winning companies are operat-
ing within a web of partnerships that mul-
tiply opportunities to serve customers
with new products and services.
Bank of America has established a
number of relationships that are steadily
expanding our customers’ and clients’
ability to operate in cyberspace.
We have established marketing partner-
ships with a number of online companies
including Yahoo! and America Online.
We are continuing to build customer
solutions through our strategic
partnerships with Checkfree and
National Financial Services. We have
invested in a number of technology
enterprises including Signio, Identrus,
724 Solutions and E-Loan.
Our investments in the Internet will
pay off for investors with both increased
revenues and reduced costs. Revenues
will grow as customers and clients
consolidate their relationships with
us and take advantage of new and
innovative offerings. At the same time
costs will shrink as our customers shift
more and more of their banking and
investing activities to the lower-cost
Internet channel.
Bank of America is building the
digi-brick institution — combining the
best of both worlds to offer customers
financial services when, how and where
they want them.
The Internet is overflowing with
new players and new ideas about how
to give customers what they want. It
seems hard to know which strategies
and business models will be winners
and which will not.
Keeping our eyes on our customers
and clients has helped. It sells the
technology short to think of the Internet
as a gimmick to lure customers, or even
as a cheap storefront through which one
can move goods quickly and efficiently.
Those who create new and valuable
uses for the Internet and who execute
the integrated, end-to-end processes
connecting people and information —
across multiple products and channels
— will win with customers and clients.
This is the Bank of America Internet
strategy.
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Awards
•Smart Money named our Money
Manager product the best bank asset
management account, in part because
of its multichannel capabilities.
•Bank of America was recognized as one
of 10 “Masters of Electronic Delivery”
in 1998 and 1999 by Future Banker.
•PC Week named Bank of America top
technology innovator among banks
for 1999.
•Bank of America was named one of the
top five North American banks for
Internet capabilities by the Lafferty
Group, a business research firm based
in London.
Solid Trends
Since January 1999 at Bank of America:
•The dollar value of loans booked each
month over the Internet is up
85 percent.
•Asset account applications over the
Internet are up 50 percent.
•Corporate client use of Bank of America
Direct continues to reflect double-digit
growth over a two-year horizon.