Bank of America 2002 Annual Report Download - page 10

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It’s the new palm scanner pictured at right that “reads” the uniqueness of your palm print to gain
greater security in the safety deposit vault.
It’s a patented new mini Check Card that’s as easy to get to as pulling
out your keys (and should be on the key chains of 11 million of
our customers by the end of 2003).
It’s new digital check imaging that can provide copies of checks to
customers and small business owners via the Internet or at a neighborhood banking
center. It’s talking ATMs to make life easier for our vision-impaired customers.
It’s a faster mortgage application thanks to LoanSolutions®
. This proprietary process leverages one
of our greatest competitive advantages for mortgage growth — our extensive banking center network.
In minutes, our 7,300 personal bankers can match customers with the right products to meet their
needs. Further setting new standards for convenience and ease, other process improvements led to
an 80% reduction in mortgage paperwork.
It’s extending innovation to corporate and institutional clients. In 2002, Banc of America Securities
pioneered Core Bond, an innovative “basket” security that lowers the cost of capital for corporate
issuers and reduces transaction costs for investors looking to purchase a portfolio of corporate bonds.
The inaugural issue bundled $2 billion in new issues from 22 investment grade corporations.
It’s a focus on continuously improving quality, productivity and innovation to delight customers and
drive organic growth. In 2002, more than 58,000 associates attended quality and productivity training,
creating a new culture built on delivering process excellence and the best customer experience.
It’s embracing Six Sigma tools and skills to lead to higher process and service standards as we handle
nearly 57 million customer transactions faster and more accurately. Last year, for example, these efforts
resulted in improvements in processing of 22% for same-day payments and 35% for same-day deposits.
It’s what market leadership is all about.
To make banking more convenient, to make banking more secure, to bring higher standards into
the core of financial services innovation, that is our charter.
8BANK OF AMERICA 2002