Bank of America 2000 Annual Report Download - page 26

Internet and e-Commerce
With the knowledge that customers are
becoming more sophisticated and discrimi-
nating about their financial choices and more
inclined to seek online access to financial
services, Bank of America continues its tar-
geted investment in Internet and e-commerce
solutions tailored to a range of different cus-
tomer needs. Infrastructure investments con-
tinue, as well, to ensure that online customers
can have confidence in the bank’s security,
reliability and responsiveness. We continue to
grow and improve service to an online cus-
tomer base that currently numbers more than
3 million customers and clients – more than
any other financial institution.
To expand our capabilities and provide
solutions to as many customers and clients as
quickly as possible, we have formed strategic
alliances with a number of “best of breed”
companies that help to keep us ahead of the
competitive curve.
Our portal approach to online delivery
ensures that the full complement of informa-
tion, advice, products and business resources
is available to those using new technologies
to bank with us. These portals serve as points
of entry for consumers, small businesses,
middle market and corporate and institutional
clients, as well as the bank’s own associates.
The consumer portal at www.bankof-
america.com will fully integrate banking and
investment accounts, including Private Bank
and Banc of America Investment Services,
Inc. portfolios; provide customers with elec-
tronic bill presentment and payment capa-
bilities allowing them to receive and pay bills
online; give customers the ability to make
checking, ATM, debit and credit card pay-
ments to businesses; and deliver information,
products and tools for making life decisions
such as a home purchase, college education
or retirement.
The small business portal, the Business
Center (see page 19), is a single Internet
resource that helps small businesses gain effi-
ciency and productivity by providing one-stop
financial shopping and automating and
integrating their back office administrative
processes. The Business Center provides self-
service tools that help employees manage
tasks and projects, as well as human resources
tools for updating personnel records and
managing benefits and payroll information.
Businesses can also enhance their purchasing
power and find special products and services
through an online marketplace.
The middle market and corporate portal
will provide clients a full range of integrated
product solutions and network hubs, including
risk management capabilities; capital-raising
capabilities; strategic advisory services and
working capital capabilities, which include
credit, short-term investments, real estate and
a business-to-business marketplace.
The employee-to-business solutions
portal will provide Bank of America asso-
ciates self-service tools to manage finances,
including online banking and bill payment,
investments and financial planning help.
Associates also can select content matched
to personal interests, and get up-to-the-minute
news about the company. They’ll have access
to task management tools, customer contact
databases and interactive learning capabilities.
In addition, the bank plans to market these
capabilities to companies looking to bring inte-
grated Web solutions to their employees.
The portals will also deliver a comprehen-
sive payments capability, integrating invoicing,
payment and information reporting services for
companies that access the bank online. Bank
of America will leverage this infrastructure
by marketing it to e-commerce service providers
who need the capabilities. In addition, a next
generation payments platform will enable con-
sumers and businesses to pay everyone for
everything electronically, combining elec-
tronic billing and payment, person-to-person
payments and retail payments.
To Bank of America, the Internet is more
than just another distribution channel. It’s a
way to offer customers and clients more value,
more access and better choices.
24
The number of customers who
use online banking is increasing
exponentially.
The trend is going to con-
tinue, as we complete the
nationwide introduction of our
increasingly popular electronic
billing and payment service. In
addition to accessing their Bank
of America accounts through
the Internet, customers who
enroll for the service can view
electronic versions of bills from
participating payees, schedule
one-time or recurring payments
for virtually any bill, whether or
not it has been delivered to them
electronically, and pay other
individuals – even a child at col-
lege – by going online, rather
than writing and mailing checks.
For customers, online bill
paying saves time and money
and turns a tedious chore into a
few simple mouse clicks. For
the bank, it means broader,
deeper and longer-lasting rela-
tionships, since customers who
use the service tend to stay
with the bank longer and sign
up for more products and serv-
ices than customers whose
relationship is limited to a
traditional checking account.
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Online Banking Taking Off
(number of subscribers in millions)