Bank of America 2001 Annual Report Download - page 16

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14
Bank of America is growing by attracting, retaining
and deepening more relationships with customers.
We aspire to meet the highest standards of
customer satisfaction – earning customer loyalty
to add shareholder value.
Despite a difficult economy in 2001, an intense customer-
focused approach, combined with disciplined planning,
prioritizing and execution, enabled us to attract new customers,
retain more existing customers and deepen our relationships
with them. Managing for relationship profit rather than for
individual product sales gives the company significant
momentum in 2002.
As the nation’s largest consumer banking company, Bank
of America holds vast opportunities for customers and share-
holders. We moved boldly to put our strengths to work as we
reorganized our company to focus on the customer, replacing
our old product- and geography-based management structure.
By executing our evolving strategy and embracing our
brand philosophy of ingenuity, we will capitalize as never
before on our leadership position in America’s growth mar-
kets, our vast distribution network, our range of products and
services and our 27 million customer relationships. All of this
positions the Consumer segment as our largest net-income
growth opportunity.
Market Opportunity. Our Consumer Banking franchise
spans the fastest-growing areas of the U.S. These areas are
projected to experience a much higher household growth rate
than the rest of the country – 6.7% growth compared to 3.9%
for non-Bank of America markets over the next five years. In
short, we believe we are doing business where it is going to
count in the 21st century.
We lead the market in 26 of the 30 largest and fastest-
growing metro areas in the U.S. and we hold strong positions
in three of the nation’s most economically attractive states:
California, Texas and Florida. Importantly, we are poised to
Serving Consumers >
>Opportunities
>27 million consumer customer relationships
>3 billion customer interactions per year,
116 interactions per second
>Leading market share in 26 of the 30
fastest growing markets
>Recent Achievements
>Increased levels of “highly satisfied”
customers by 6%
>837,000 customers chose more appropriate
service levels
>Grew revenue and net income
>Strategies
Attract, retain and deepen customer relationships:
>
Grow the number of households we serve
>
Build relationship net income
>
Increase market share of deposits and investments
>
Capture multicultural growth
>
Improve customer satisfaction
>
Help customers find the right service levels