Bank of America 2002 Annual Report Download - page 6

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Our ability to add resources and capabilities in businesses
like GCIB and AMG demonstrates a great advantage of
our diverse revenue streams. During a year in which most
market-sensitive businesses struggled greatly, our corporate
earning power enabled us to continue to invest in our
investment banking and asset management businesses.
By adding program trading capabilities for our institutional
clients and advisors in Asset Management, we continued
to position these businesses well to lead their industries
when markets recover.
Your company’s financial results clearly illustrate the
strength of our business mix. Steady earnings growth from
our retail business combined with volatile but higher potential
growth from our market-sensitive businesses enables us
to produce consistent results through strong and weak
economic cycles.
In fact, we now have posted stable or increased earnings
per share in eight consecutive quarters. This is the kind of
consistent, predictable financial performance that makes our
company increasingly attractive to investors and also enhances
our ability to plan and invest strategically for the future.
More satisfied customers and clients. As pleased
as I am about our financial results, I am even more encour-
aged by the progress in our customer and client satisfaction
measures, which provide the foundation for future growth.
Last year in these pages, I wrote about our organic growth
strategy, our intense focus on customer satisfaction and our
Six Sigma initiatives for enterprise-wide process improve-
ment. This year, I am pleased to report that our focus on
quality and productivity is changing not only our culture
inside the company, but also the way our customers view us
from outside the company. For the year, the number of cus-
tomers rating their satisfaction level a 9 or 10 on a 10-point
scale — those we refer to as “delighted” — rose 10.4%, or
1.2 million customers across the franchise. Over the same
period, more than one million fewer customers experienced
problems with bank services, a decrease of 24%.
In CCB, we’ve streamlined processes for deposits,
payments and problem resolution. In AMG, associates are
using Six Sigma to boost sales and revenue opportunities.
And in GCIB, associates designed and implemented an
automated, standardized client calling and pitch reporting
system to enhance client relationship management and
cross sales. We have hundreds more projects in the pipeline
and plan to more than double the number of Six Sigma
“Green Belt” and “Black Belt” projects in 2003.
The result of all this work is more satisfied customers
and clients, all of whom are more likely to purchase more
products and services from our company and to recommend
us to friends and relatives. But the benefits go further.
While we will continue to invest in advertising to develop
and support our company’s brand — we executed several
very successful campaigns this year — we believe the
Bank of America brand is created in the millions of experi-
ences that customers have with our company every day.
Every customer interaction — we have more than 150
per second — is an opportunity to attract, retain or deepen
a customer relationship. And every interaction that results
in a delighted customer builds the strength of our brand
and our company for the future.
The promise of Higher Standards .Bank of America
is founded on an important idea: that people are at their
best when they are striving to exceed accomplishments
of the past. In our company, we have long talked about our
commitment to redefining world-class business performance
and standards of operational consistency, accuracy and
efficiency. We have long insisted on continuous improve-
ment and the sustained intensity that drives it, promising
never to settle for an industry benchmark or our own
historical performance. We have said our goal is nothing
short of becoming the world’s most admired company.
This drive to excel can be summed up in two words:
Higher Standards. This is our goal in everything we do.
Higher standards for our customers, who use our products
and services to help manage their financial lives and achieve
their dreams. Higher standards for our shareholders, who
have entrusted us with their wealth and financial future.
Higher standards for our associates, who have chosen to use
their skills and talents here and who deserve every opportu-
nity to reach their full potential. Higher standards for our
communities, which are deeply invested in this enterprise
and upon which the future prosperity of our company rests.
Throughout our company, our associates are raising the
bar for performance. Consumer bankers are pursuing product
innovation for customers that makes home buying easier,
and that offers unmatched financial security. Small business
BANK OF AMERICA 2002
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