Bank of America 2002 Annual Report Download - page 12

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In 2002, Bank of America became the provider of home financing solutions to nearly a million
households. We surpassed $100 billion in total mortgage loans made. Consumer mortgage revenue
grew to a record $1.2 billion, a 20% increase over 2001. Most important, we helped our customers
realize the dream of home ownership, save hundreds or even thousands of dollars each year through
refinancing, or finance home improvements or other important purchases. Nearly half our mortgage
customers now make electronic payments — saving them time and reducing cost for the company.
Banking centers continue to be a primary point in serving all of our customers, including businesses
of all sizes. They remain consumers’ top choice in selecting where to open personal accounts to help
manage their household finances. We possess the nation’s most extensive network, giving us an
unmatched competitive advantage. In the next three years, we’ll strengthen our base and provide even
greater customer convenience to our nearly 28 million relationships by opening 550 new banking centers.
Individual customer relationships continue to begin with checking and savings. We provide a variety
of both. Last year, we grew checking accounts by 528,000. That helped drive a 5.3% increase in
consumer deposits, exceeding goals for both. Revenue grew 12%, while customers responding they
were “delighted” with their service increased 10%.
We’re investing in technology that gives customers a choice in when, how and where to access their
money. We lead the industry with more than 4.7 million active Online Banking customers and nearly 1.8
million active online bill payers. Monthly, our customers pay 9.9 million bills online totaling $2.7 billion.
Another form of convenience customers seek is choice in payment options. We’re a leading provider
of credit and debit cards, with more than 20 million active card accounts. In 2002, consumer credit
card activity contributed $3.1 billion in total revenue and SVA of $450 million.
Our customers continually set higher standards in what they want from their bank. We love that challenge.
10 BANK OF AMERICA 2002
Consumers represent a huge source of earnings, growth and stability for our company. This business
was the backbone of 2002 performance, and momentum for the future is immense. Consumer-related
products and services contributed more than one-third of corporate earnings. And, we’re delighting,
adding and retaining customers in record numbers — the best leading indicators of growth.